The Nigerian National Petroleum Company Ltd (NNPCL) has posted a profit after tax of N3.3 trillion for the 2023 financial year.
Chairman of NNPC Ltd, Chief Pius Akinyelure, disclosed this on Monday at a press conference on the audited financial statements.
The N3.3 trillion represents an increase of N749 billion from N2.54 trillion in the 2022 financial year.
The company also announced a dividend of N2.1 trillion to shareholders.
Further commenting on the financial report, the company’s Chief Financial Officer, Mr. Umar Ajiya, said the release of the financial statements is a testament to the company’s commitment to transparency and accountability. He said the financial performance reflects both the strategic vision and operational resilience of NNPC Ltd.
Despite growing operational and economic challenges, NNPC Ltd. has demonstrated that since its transformation into a CAMA company, the company is ready to compete with competitors around the world.
He said, “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.”
Mr. Ajiya added that posting such impressive profits demonstrates NNPC Ltd.’s commitment to remain profitable and help achieve national energy security in accordance with the Petroleum Industry Act, 2021, and more broadly in accordance with the expectations of our shareholders.
Mr. Ajiya explained that NNPC Ltd. plans to announce its IPO as soon as shareholders and the board decide. He also refuted the allegations of subsidy payments, saying the company was only addressing the PMS import shortage between itself and the Federal Government. He said for the last eight or nine years, no oil traders have come from NNPC Ltd. They get fuel subsidy.
