By Abubakar Yunusa
Nigerian National Petroleum Company Limited (NNPC Ltd) announced Monday it recorded a net profit of N3.297 trillion at the close of the financial year ending December 2023.
On Monday, the NNPC Ltd, in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, said this shows an increase of over N700 billion (28 per cent) compared to the 2022 profit of N2.548 trillion.
“The NNPC Limited has 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, an increase of over N700 billion (28 per cent) when compared to the 2022 profit of N2.548 trillion,” the statement said.
According to the statement, the Chief Financial Officer of the Company, Umar Ajiya, said the release of the audited financial statement is 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,” Mr Ajiya said.
Mr Ajiya explained 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, Mr Ajiya also debunked claims on subsidy payment, saying the company was only taking care of Premium Motor Spirit (PMS) importation shortfall between it and the federation.
Speaking earlier at a press conference, according to the statement, the Chairman of the NNPC Ltd Board, Pius Akinyelure, said that the excellent performance came as the fruit of the PIA 2021, the commitment of the board, management and staff.
Mr Akinyelure added that the company’s shareholders have since approved a final dividend of N2.1 trillion in line with PIA 2021 provisions.
In her remarks, the Executive Vice President, Upstream, Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigor 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.
