The Nigerian National Petroleum Company Limited has announced a net profit of N3.297 trillion for the financial year ending December 2023. This profit is a 28% increase from the N2.548 trillion profit the company recorded in 2022.
The NNPC in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, noted that this profit is the highest in the company’s 46-year history.
“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 N700billion (28%) when compared to the 2022 profit of N2.548trillion”, the statement revealed.
On his part, Board Chairman of NNPC Ltd, Chief Pius Akinyelure, said that the financial results released by the company and its performance in the year under review was made possible by the Petroleum Industry Act of 2021, as well as the dedication of the company’s Board, management, and staff.
The Board Chairman went further to state that the shareholders of NNPC Ltd have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
NNPC Ltd also revealed that it is targeting a crude oil production level of 2 million barrels per day by end of 2024 following improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism.
On the recent fuel queues in Lagos and Abuja, the Executive Vice President, Downstream of NNPC Ltd., Mr. Dapo Segun, appealed to Nigerians to be patient and assured that the NNPC is actively working with stakeholders to resolve the distribution and logistics challenges.
In 2021, NNPC declared profit in its operations for the first time. The NNPC said it moved from a loss position of N803 billion in 2018, and was able to further reduce the loss to N1.7 billion in 2019. In 2020 however, the NNPC Ltd posted its first ever profit of N287 billion before recording a N674.1 billion profit in 2021.
In 2022, the profit of the company grew to N2.548 trillion, 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.