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Home Economy Finance

NNPC Posts N3.3trn Net Profit in 2023 – Audited Report

… Declares N2.1trn Dividend

by Staff Writer
August 19, 2024
in Finance
0
NNPC Releases 2023 Report (4)
L-R: Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella; Chairman, NNPC Ltd Board, Chief Pius Akinyelure and the CFO NNPC Ltd, Mr. Umar Ajiya during the Release of NNPC Ltd’s 2023 Audited Financial Statement (AFS) at the NNPC Towers in Abuja, on Monday.

L-R: Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella; Chairman, NNPC Ltd Board, Chief Pius Akinyelure and the CFO NNPC Ltd, Mr. Umar Ajiya during the Release of NNPC Ltd’s 2023 Audited Financial Statement (AFS) at the NNPC Towers in Abuja, on Monday.

UBA
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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, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.

In a world press conference held at the NNPC Towers in Abuja on Monday, Mr. Umar Ajiya the chief financial officer of the Company, said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.

NNPC Releases 2023 Report (4)
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CFO NNPC Ltd, Mr. Umar Ajiya speaks during the Release of NNPC Ltd’s 2023 Audited Financial Statement (AFS) at the NNPC Towers in Abuja, on Monday.

“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 stated.

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.

Explaining that the NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of PMS importation shortfall between it and the Federation.

Speaking 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.

NNPC Releases 2023 Report (4)
Chairman, NNPC Ltd Board, Chief Pius Akinyelure in a tete-a-tete with the CFO NNPC Ltd, Mr. Umar Ajiya during the Release of NNPC Ltd’s 2023 Audited Financial Statement (AFS) at the NNPC Towers in Abuja, on Monday.

In her remarks at the briefing, Mrs. Oritsemeyiwa Eyesan, the executive vice president, Upstream, said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million 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, Mr. Dapo Segun, the executive vice president, Downstream, appealed for understanding from Nigerians, saying that the the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.

NNPC Releases 2023 Report (4)
A cross section of the Senior Management during the Release of the Company’s 2023 Audited Financial Statement (AFS) at the NNPC Towers in Abuja, on Monday.

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.

However, 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.

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