The Nigerian National Petroleum Company Limited (NNPCL) has announced an after-tax profit of N674.1billion (about $1.549bn) for the 2021 financial year.
The Group Chief Executive Officer of the NNPC Ltd, Mr.Mele Kyari, told newsmen on Tuesday in Abuja that the result was an impressive performance with a growth of 135 percent over the 2020 figures.
“Today (Tuesday) I’m happy to announce that the Board of NNPC has approved 2021 audited financial statements and NNPC has progressed to a new performance level, from N287bn profit in 2020 to N674bn profit after tax in 2021, climbing higher by 134.8% YoY profit growth,” Kyari said.
According to him, despite the challenging operating environment, the NNPC Ltd has continued to weather the storm by posting its second consecutive year of profit of N674.1bn in the 2021 financial period.
“The positive result is coming as global economies continue to struggle with the recessionary forces and weak economic outlook.In spite of a tough and volatile operating environment, the NNPC Group’s investment strategy proved resilient and enabled the national oil company to deliver favourable outcomes as shown by the 2021 financial statement.”
“For instance, the NNPC Group which became a CAMA Company in 2021, following the implementation of the Petroleum Industry Act, grew its profit from N287bn in 2020 to N674bn in 2021.”
“The group’s financial position recorded an increase in total assets from N15.86tn in 2020 to N16.27tn in 2021, while our total liabilities decreased by 8.3 per cent from N14.68tn in 2020 to N13.46tn in 2021.
“Our shareholders fund position grew to N2.81tn, representing 144 percent 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,” he said.
He explained that the main drivers of the company’s profit were the core businesses of the company, which included the upstream, gas and power sectors.
“So the key drivers to this performance are coming from the upstream and the gas and power,” he added. ($1=N435)
GIK/APA