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The Nigerian National Petroleum Company (NNPC) Limited has declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023.
This indicated an increase of N700 billion or 28 per cent compared to the 2022 profit of N2.548 trillion.
The N3.297 trillion profit declared for 2023 is very symbolic as it is the highest ever to be recorded since the company’s inception, 46 years ago.
In a world press conference at the NNPC Towers in Abuja, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.
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.
Also, Ajiya debunked claims on subsidy payment, saying the Company was only taking care of PMS importation shortfall between it and the Federation.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, of Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
However, in 2020, it posted its ‘first-ever’ profit of N287 billion, then in 2021, it recorded an N674.1 billion profit and in 2022, the profit grew to N2.548 trillion. END!!!!
-Mr. Umar Ajiya- Chief Financial Officer of the Company
Source: Swifteradio.com
