The Nigerian National Petroleum Company Limited (NNPCL) has announced a staggering profit after tax (PAT) of N5.4 trillion for 2024, marking a significant 64% increase from the N3.3 trillion recorded in 2023.
Bayo Ojulari, Group CEO of NNPCL, disclosed this during a media briefing on the company’s 2024 audited financial statements in Abuja on Monday.
“In 2024, NNPC Limited achieved a profit after tax of N5.4 trillion, supported by a revenue of N45.1 trillion,” Ojulari said, attributing the growth to enhanced operational efficiency, reforms, and cost discipline.
The company’s revenue surged by 88% year-on-year, reflecting robust performance across its business segments.
Ojulari noted key production metrics, noting that NNPC achieved crude oil production of 202.3 million barrels and gas production of 1.04 billion standard cubic feet (SCF) in 2024.
The company also expanded its retail network to 1,096 outlets nationwide, reinforcing its market presence.
“Financially, we have never been stronger or better positioned for tomorrow,” Ojulari said.
“NNPCL aims to boost production to 3 million barrels by 2030 and grow gas production to 12 billion cubic feet per day.
“The journey started in 2021 with the Petroleum Industry Act (PIA), and we’re committed to sustained growth,” he said, highlighting earnings per share of N27.07 for the year.
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