. Targets 2mbpd oil output by year-end
By Tochukwu Bliss, Abuja
The NNPC Limited has attributed its recently declared N3.297 trillion net profit strategic foresight and operational resilience.
NNPC’s Chief Financial Officer, Umar Ajiya, said this at a world press conference held at the NNPC Towers in Abuja on Monday,
He also said the release of the Company’s 2023 Audited Financial Statement (AFS), is a testament to the Company’s commitment to transparency and accountability.
At the close of the financial year ended in December 2023, NNPC declared a net profit of N3.297 trillion, an increase of over N700 billion (28%) compared to the 2022 profit of N2.548 trillion.
The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago, according to a statement by its Corporate Communications Officer, Olufemi Soneye.
Recall 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.
However, in 2020, it posted its ‘first ever’ profit of N287 billion 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.
Commenting on the AFS, Mr Ajiya was quoted as saying:
“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.”
He 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.
Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company.
Noting that the NNPC will announce 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 PMS importation shortfall between it and the Federation.
Also speaking, the Chairman, 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 of the company.
Mr. Akinyelure added that the company shareholders have since approved a final dividend of N2.1trillion in line with the PIA 2021 provisions.
In her remarks, 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 is targeting to achieve 2 million barrels per day crude oil production by the year end.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Dapo Segun, appealed for understanding from Nigerians, saying that the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
