NNPC Ltd Reports Record N3.3 Trillion Profit for 2023, Declares N2.1 Trillion Dividend…
The Nigerian National Petroleum Corporation Limited (NNPC Ltd) has announced a record net profit of N3.297 trillion for the 2023 fiscal year, marking a significant milestone in the company’s financial history. This figure represents a substantial increase of over N700 billion, or 28%, compared to the N2.548 trillion profit recorded in 2022.
These details were revealed during a press conference on Monday, August 19, 2024, by NNPC Ltd’s Chief Financial Officer, Mr. Umar Ajiya, who emphasized that the release of the Audited Financial Statement (AFS) underscores the company’s commitment to transparency and accountability.
“The NNPC Ltd’s fiscal performance is a reflection of our strategic foresight and operational resilience,” Ajiya stated. “Despite the inherent challenges of the operational and economic environment, we have managed to enhance our productivity and financial performance.”
Ajiya further highlighted the company’s dedication to sustaining profitability and supporting national energy security as outlined in the Petroleum Industry Act (PIA) 2021. He also hinted at a forthcoming Initial Public Offering (IPO), noting that the decision will be made by the shareholders and the Board, while dismissing claims related to subsidy payments.
“The company is only addressing the shortfall on PMS importation between it and the Federation,” Ajiya clarified.
Speaking at the same event, Chief Pius Akinyelure, Chairman of the NNPC Ltd Board, attributed the company’s excellent performance to the positive impact of the PIA 2021, as well as the commitment of the Board, Management, and staff. He also confirmed that shareholders have approved a final dividend of N2.1 trillion, in line with the provisions of the PIA 2021.
Additionally, the Executive Vice President of Upstream, Mrs. Oritsemeyiwa Eyesan, announced that NNPC Ltd is targeting a production level of 2 million barrels of crude oil per day by the end of the year, citing recent successes in combating crude oil theft and pipeline vandalism.
Addressing the current fuel scarcity affecting Abuja and parts of Lagos, the Executive Vice President of Downstream, Mr. Dapo Segun, assured Nigerians that the company is actively working with relevant stakeholders to resolve distribution, evacuation, and logistics challenges. He urged the public to remain patient as the situation is expected to normalize soon.
This record profit follows a series of financial improvements by NNPC Ltd over recent years.
From a loss of N803 billion in 2018, the company has steadily climbed to a profit of N287 billion in 2020, N674.1 billion in 2021, and N2.548 trillion in 2022, culminating in the highest-ever profit of N3.297 trillion in 2023, as noted by Chief Corporate Communications Officer, Mr. Olufemi Soneye.
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