Wednesday, December 7, 2022
Home Business NNPC Ltd declares N674.1bn profit

NNPC Ltd declares N674.1bn profit

Amidst the challenging operating environment which has tested the resilience of institutions and businesses globally, the Nigerian National Petroleum Company Ltd has continued to weather the storm by posting its second consecutive year of profit of N674.1billion in the 2021 financial period.

Announcing the result on Tuesday in Abuja, the NNPC Group Chief Executive Officer, Mele Kyari, said, “Today 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 N287billion profit in 2020 to N674billion profit after tax in 2021,climbing higher by 134.8% YoY profit growth.”

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 N287billion in 2020 to N674billion in 2021.

The NNPC’s Group Account was audited by PriceWaterhouseCoopers, SIAO, and Muntari Dangana Accounting Firms.

The N674billion profit posted by the NNPC Group in the 2021 financial period represents an increase of N387bn or 134.8 per cent when compared to the N287billion recorded in 2020.

The 2021 financial year made it the fourth consecutive years that the NNPC will be making its Audited Financial Statement public. This was one of the innovations made by Kyari when he took over the helms of affairs of the National Oil Company.

In 2018 when the NNPC first made public its Audited Financial Statement, it made a loss of N803.9bn.

Three components were responsible for the poor and worse performance of the Group ever. They were increase in cost of sales, specifically increase in crude cost; increase in the general and admin expense which almost doubled from N474billion to N894billion; and increase in impairment of receivables and other assets in the year by almost 300 per cent.

In 2019 when the NNPC Group Audited Account was released, the loss position had reduced to just N2.3billion.

But with the reforms implemented by the NNPC Boss, the loss position was reversed in the 2020 financial period when the NNPC posted its first profit in 44 years of N287billion.

RELATED ARTICLES

NNPC-NIPCO consortium, Lekki Free Zone sign gas supply deal

The deal which was sealed in Lagos last week will see over 100 companies already established in the zone link up to the project which is expected to be completed in six months.

IMO scribe, Kitack Lim, arrives Nigeria for Maritime summit 

During his visit, the Secretary General will attend the Nigeria International Maritime Summit 2022 where regional policies and operational perspectives to Decarbonization and Green House Gas Emissions in shipping will be the focus.

Nigeria’s power generation to rise by 2000MW in 2024- Seplat

The energy company maintains that its ANOH and upgraded Sapele gas projects could fuel another 2000 megawatts of electricity by 2024, thus displacing the wide use of diesel/petrol generators for electricity as well as the use of biomass as cooking fuel.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

POWER OUTAGE AS TRUCK HITS TCN TRANSMISSION TOWER

The company in a statement said the current restricted outage situation in parts of Abuja, is caused by a truck loaded with gravel that lost control and crashed into TCN’s 132kV transmission tower No 20, supplying bulk electricity to the 100MVA part of the Katampe Substation and 2x60MVA GIS Central Area Substation.

Nigeria, Morocco, five other W/African Countries sign on Gas Pipeline Project

NNPCL in a series of tweets, said Nigeria's @nnpclimited, Morocco's ONHYM and the nations of Ghana, The Gambia, Guinea, Guinea Bissau & Sierra Leone, signed an MoU on the gas pipeline project

NDPHC decries incessant vandalisation of power transmission facilities

“We will be relentless in hunting these vandals down, particularly those who assassinated the young man.”

Vandals destroy six transmission towers, kill vigilante in Rivers

On September 3, 2022, some miscreants attacked and vandalized the 330kV DC Afam – Onne Transmission Line in Gbake community of Ogoniland, River State.

Recent Comments