The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023.
A statement today, August 19, by the company’s spokesperson, Olufemi Soneye said that the profit is an increase of over N700 billion or 28 percent, compared to the 2022 profit of N2.548 trillion.
The statement quoted the Chief Financial Officer of the Company, Umar Ajiya in a world press conference today in Abuja as saying that the release of the AFS is a testimony to the Company’s commitment 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 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.
He said that the NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, even as he debunked claims on subsidy payment, saying the Company was only taking care of the shortfall on PMS importation between it and the Federation.
Earlier at the press conference, the 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, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said that 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, 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.
In 2020, it 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, 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.
