The NNPC Limited on Monday announced a net profit of N3.297 trillion in its 2023 Audited Financial Statement (AFS) for the year ended in December 2023.
Details of the report presented by the company’s Chief Financial Officer, Umar Ajiya, showed an increase of over N700 billion (about 28 eercent) when compared to the 2022 profit of N2.548 trillion.
Aliya said the release of the company’s audited financial statement 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 said.
Posting such impressive returns, Aliya noted, 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.
He explained that the NNPC Ltd would announce its Initial Public offer (IPO) once the shareholders and Board make a decision, debunking claims that the company was still paying for fuel subsidy, rather only taking care of premium motor spirit (PMS), importation shortfall between it and the Federation.
The Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, commended the excellent performance of the company as the fruit of the PIA 2021, adding that the commitment of the Board, Management and staff of the company was outstanding.
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, the NNPC Ltd was 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 the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying the Company was working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
The latest publication of the company’s audited financial statement followed the practice since 2021 when NNPC declared profit in its operations for the first time, recovering from a loss position of N803 billion in 2018.
The performance for that year had cut down the loss further down to N1.7 billion in 2019, before posting its ‘first ever’ profit of N287 billion in 2020, and N674.1 billion in 2021. In 2022, the company’s profit grew to N2.548 trillion, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023, the company said, was the highest since the Company’s inception, 46 years ago.
