The Nigerian National Petroleum Corporation (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,
Penpushing reports that the Chief Financial Officer of the Company, Mr. Umar Ajiya disclosed this on Monday at a world press conference held at the corporation headquarters in Abuja, Federal Capital Territory (FCT).
The Chief Financial Officer of the Company, explained that it was an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion, adding that the release of the Audited Financial Statement is a testament 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 stated.
Penpushing further reports that he stated that posting such impressive returns demonstrates the corporation’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.
The Chief Financial Officer assured that the company will announce Initial Public offer (IPO) once the shareholders and board make a decision, as he debunked claims on subsidy payment, saying the company was only taking care of the shortfall on Premium Motor Spirits (PMS) importation between it and the Federation.
Penpushing also reports that speaking earlier at the press conference, the board chairman of the corporation, Chief Pius Akinyelure said that the excellent performance came as the fruit of the Petroleum Industry Act (PIA) 2021, the commitment of the board, management and staff of the company.
The board chairman added that the shareholders of the company have since approved a final dividend of N2.1trn in line with Petroleum Industry Act (PIA) 2021 provisions.
Penpushing reports that the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan in her remarks at the briefing said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, the company is targeting 2million barrels per day crude oil production by the end of the year.
The Executive Vice Chairman of the Downstream Mr. Dapo Segun reacting on the current fuel queues in parts of Lagos and the Federal Capital Territory (FCT) appealed for understanding from Nigerians, explaining that the company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
Penpushing further reports that Chief Corporate Communications Officer, Olufemi Soneye in a statement said it is recalled that in 2021, the corporation declared profit in its operations for the first time, adding that from a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
The statement stated that in 2020, the company, however, posted its first ever profit of N287 billion, then in 2021, while it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance, adding that the N3.297 trillion profit declared for 2023 is the highest since the company’s inception, 46 years ago.
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