By Abiola Olawale
The Nigerian National Petroleum Company (NNPC) Limited has reported a net profit of N3.297 trillion as of the conclusion of the fiscal year ending in December 2023.
The reported figure, according to the NNPCL, reflects an increase of NN700 billion, representing a 28% rise from the N2.548 trillion profit recorded in 2022.
The 2023 Audited Financial Statement (AFS) was made public by the NNPCL in Abuja on Monday. While speaking on the details, Mr Umar Ajiya, the company’s Chief Financial Officer, stated that NNPC Ltd will unveil an Initial Public Offering (IPO) once the shareholders and Board reach a decision.
He said: “Our fiscal performance reflects both strategic foresight and operational resilience. Despite the inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company.”
He added that the results demonstrated 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 oil company’s shareholders.
He also confirmed that the NNPCL is dedicated to its goal of reaching a crude oil production of 2 million barrels per day (mbpd) by December 2024.
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 an N674.1 billion profit, and in 2022, the profit grew to N2.548, which marks an unprecedented feat in its financial performance.
