NNPC posts N3.3trn profit after tax in 2023

NNPC posts N3.3trn profit after tax in 2023

…Targets 2mbpd Crude Oil Production by Dec 2024

By Fly Cable News

The Nigerian National Petroleum Company (NNPC) Ltd has revealed an N3.3 trillion profit after tax in the 2023 fiscal year, with an N2.1 trillion dividend for shareholders.

Pius Akinyelure, chairman of the NNPC Ltd Board, disclosed this during a press briefing on the company’s Audited Financial Statements in Abuja on Monday.

“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.

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 its Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of PMS importation shortfall between it and the Federation.

Speaking earlier at the press 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 shareholders of the company have since approved a final dividend of N2.1trn in line 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 2million 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.

It would be recalled that in 2021, NNPC 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, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548 trillion, 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.