The Nigerian National Petroleum Company Ltd (NNPCL) has posted a net profit of N3.297 trillion for 2023 fiscal year.
The 2023 Audited Financial Statement (AFS) of the NNPCL released on Monday in Abuja, showed that the profit represented an increase of 28 per cent (over N700 billion) compared to N2.548 trillion recorded in 2022, and the highest ever to be recorded since the company’s inception, 46 years ago.
Presenting the AFS of the company, the Chief Financial Officer of the NNPCL, Mr. Umar Ajiya, told journalists that the audited result was a testament to the company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite the inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” he said.
According to him, posting such impressive returns demonstrates NNPCL’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 would announce an Initial Public offer (IPO) once the shareholders and Board make a decision on it.
In his remarks, the Chairman of the Board of the NNPC Ltd, Chief Pius Akinyelure, attributed the excellent performance of the company to the enactment of the Petroleum Industry Law 2021 and the commitment of the Board, Management and staff of the company.
Akinyelure announced that the shareholders of the company have since approved the final dividend of N2.1trn in line with the provisions of the petroleum law.
GIK/APA