The Nigerian National Petroleum Company Limited (NNPC Ltd) has recorded its highest profit in 46 years as it released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year, which ended in December 2023.
NNPC Ltd. posts an increase of over N700 billion when compared to the 2022 profit of N2.548 trillion.
At a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the company, Mr. Umar Ajiya, said the release of the AFS is a testament to the company’s commitment to transparency and accountability.
He said: “Our fiscal performance reflects both strategic foresight and operational resilience. Despite the inherent challenges of our operational and economic environment, we have improved the productivity and financial performance of this great company.”
In a statement by the Chief Corporate Communications Officer of NNPC Ltd., Mr. Olufemi Soneye, Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the company’s shareholders.
Explaining that the NNPC Ltd. will announce an Initial Public Offer (IPO) once the shareholders and board make a decision, Ajiya also debunked claims on subsidy payments, saying the company was only taking care of the PMS importation shortfall between it and the Federation.
Speaking earlier at the news conference, the Chairman of the NNPC Ltd. Board, Chief Pius Akinyelure, said that the excellent performance came as the fruit of the PIA 2021 and the commitment of the board, management, and staff of the company.
Akinyelure added that the company’s shareholders have approved a final dividend of N2.1trn in accordance with PIA 2021 provisions.
In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd. is targeting 2 million barrels per day crude oil production by the end of the year.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun, appealed for understanding from Nigerians, saying that the company is working with relevant stakeholders to address the distribution, evacuation, and logistics challenges.
Recall that NNPC made its first profit from operations in 2021.
From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, followed by a profit of N674.1 billion in 2021 and a profit of N2.548 billion in 2022, marking an unprecedented achievement in its financial performance.
The N3.297 trillion profit declared for 2023 is the highest since the company’s inception, 46 years ago.
Leave a comment