The Nigerian National Petroleum Company (NNPC) Limited has declared a profit after tax of N674 billion for the financial year ended December 31, 2021.
This represents a 134.84% growth when compared with the N287 billion profits recorded in 2020, which was recorded under the old Nigerian National Petroleum Corporation (NNPC).
The Group Chief Executive Officer (GCEO), NNPC Ltd. Mele Kyari, at a news conference yesterday in Abuja, said: “NNPC progressed to a new performance level from N287 billion profits in 2020 to a N674 billion profit after tax in 2021 climbing higher by 134.8 per cent year-on-year profit growth.”
He said total assets increased from N15.86 trillion to N16.27 trillion year-on-year.
Speaking on the Group’s financial; Kyari said NNPC’s total liabilities fell by 8.3% to N13.46 trillion during the review period, down from N14.68 trillion in 2020.
The GCEO said shareholders’ funds also rose to N2.81 trillion or 144% year-on-year.
“The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and products theft, among others.
“Details of the performance of NNPC and the respective subsidiaries as well as that of National Petroleum Investment Management Services (NAPIMS) will be published on our website www.nnpcgroup.com for stakeholder’s perusal.
“We look forward to achieving greater performance to support our growth aspirations and to create more value for our stakeholders as we drive full commercial operations under NNPC Ltd.,” he said.
The Corporation in 2019 rolled out deliberate policies and initiatives aimed at reducing costs and eliminating losses while adopting technology to entrench transparency, accountability and performance excellence (TAPE) across its various functions.
He recalled that in September 2021, President Muhammadu Buhari approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of N287 billion for the first time in 44 years.
Kyari said despite the challenging operating environment, the Company has the potential to sustainably deliver better value to its esteemed shareholders.
He said it sought to become a dynamic global energy company of choice to its customers, partners and over 200 million shareholders comprising all Nigerians.
Kyari added that the Corporation in 2019 rolled out deliberate policies and initiatives aimed at reducing costs and eliminating losses while adopting technology to entrench transparency, accountability and performance excellence (TAPE) across its various functions.
He said the NNPC has recorded significant improvement over the past three years, turning up the curve from losses to profits. (NAN)
