…Posts N3.3trn net profit, declares N2.1trn dividend
...Targets 2mbpd crude oil production by Dec 2024
Chairman, NNPC Ltd Board, Chief Pius Akinyelure in a tete-a-tete with the CFO NNPC Ltd, Mr. Umar Ajiya during the briefing. |
NNPC Limited has announced a net profit of N3.297 trillion for the financial year ending December 2023, marking an increase of over N700 billion (28%) from the previous year's profit of N2.548 trillion.
During a press conference at NNPC Towers in Abuja on August 19, 2024, Chief Financial Officer (CFO) of the company, Mr. Umar Ajiya, emphasized that the release of the 2023 Audited Financial Statement underscores the company's dedication 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 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 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, chairman of the NNPC Ltd board, Chief Pius Akinyelure, said that the excellent performance came as the fruit of the PIA 2021, 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 two million barrels per day crude oil production by the 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 the company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
It would be recalled that in 2021, NNPC declared 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, a press release signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., affirmed.
Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella; Chairman, NNPC Ltd Board, Chief Pius Akinyelure and the CFO NNPC Ltd, Mr. Umar Ajiya on occasion |
However, in 2020, the press release said further, the company 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.
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