The Nigerian National Petroleum Company Limited (NNPCL) has declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023.
The NNPCL said this represented an increase of over N700 billion (28 per cent) when compared to the profit of N2.548 trillion recorded in 2022.
Speaking at a press conference held at the NNPCL Towers in Abuja on Monday, August 19, 2024, the Chief Financial Officer of the company, Umar Ajiya, said the release of the 2023 Audited Financial Statement (AFS) was a testament to the company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
He added that posting such impressive returns demonstrates NNPL’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the 2021 Petroleum Industry Act (PIA) and by extension, as expected by the company’s shareholders.
NNPCL: We’ve not paid fuel subsidy in 9 years
He stated that the NNPCL will announce its Initial Public offer (IPO) once the shareholders and board make a decision.
Ajiya also debunked claims on subsidy payment, saying the NNPCL was only taking care of petrol importation shortfall between it and the federation.
Also speaking, the NNPCL Executive Vice President, Upstream, Oritsemeyiwa Eyesan, said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPCL 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 Abuja, the NNPCL Executive Vice President, Downstream, Dapo Segun, appealed for understanding from Nigerians, saying the company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
The NNPCL, in 2021, declared a profit in its operations for the first time. 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. In 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548 trillion.
The N3.297 trillion profit declared for 2023 is the highest since the company’s inception, 46 years ago.
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