The Nigerian National Petroleum Company (NNPC) Limited has announced a profit of N3.3 trillion for the fiscal year 2023, marking a significant increase of N749 billion from the N2.54 trillion recorded in 2022. This was disclosed by Pius Akinyelure, Chairman of the NNPC Board, during a media briefing on the company’s 2023 audited financial statements on Monday.
Akinyelure highlighted the remarkable turnaround in the company’s financial performance over the past few years. From posting losses of N803 billion in 2018 and N1.7 billion in 2019, NNPC reversed its fortunes, reporting a profit of N287 billion in 2020 and N674.1 billion in 2021. The latest profit figure underscores the company’s continued upward trajectory.
In addition to the profit announcement, NNPC’s revenue for 2023 surged to N24 trillion, a substantial increase from the N8.81 trillion reported in 2022. The company also declared a dividend of N2.1 trillion to its shareholders, reflecting its strong financial health.
Akinyelure attributed the company’s impressive performance to the implementation of the Petroleum Industry Act (PIA) 2021, alongside the dedication of NNPC’s board, management, and staff. He noted that the reforms under the PIA have provided a solid foundation for NNPC’s growth and profitability.
Umar Ajiya, NNPC’s Chief Financial Officer, emphasized that the release of the audited financial statements demonstrates the company’s commitment to transparency and accountability. He credited NNPC’s fiscal success to strategic foresight and operational resilience, despite the challenging operational and economic environment.
“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 said.
Ajiya also addressed concerns regarding subsidy payments, clarifying that NNPC has been managing the shortfall on petrol importation between the company and the federation, rather than directly paying subsidies.
Looking ahead, Ajiya revealed that NNPC is considering an Initial Public Offering (IPO) once the shareholders and board reach a decision, which could further solidify the company’s position in the global oil and gas market.
