The Nigerian National Petroleum Company Limited, NNPCL, has said it made a profit of N2.548 trillion in 2022, describing it as the highest profit since the inception of the national oil firm.
NNPCL, a state-owned oil corporation was established in 1977. It is the largest asset holder within the Nigerian oil and gas industry.
The company is currently commercially driven, a development that took effect after the passage of the Petroleum Industry Act, PIA, by former President Muhammadu Buhari in August 2021.
This came as the company also revealed on Tuesday, January 9, that it discovered 52 illegal refineries in the Niger Delta region in the past one week.
In a document by the oil company, titled, ‘NNPC Financial Performance,’ the company stated that it posted a loss of N803 billion in 2018.
This reduced to N1.7 billion loss in 2019, which was then followed by a jump to N287 billion profit in 2020, while the company described this as its turning point.
In 2021, the oil firm’s profit grew to N674.1 billion. It said this was assurance, adding that the profit continued to rise, hitting N2.548 trillion in 2022. The national oil firm said the N2.548 trillion was its highest profit since inception.
The Group Chief Executive Officer, NNPCL, Mele Kyari, in November 2023, revealed that the company was expecting over N2 trillion in its corporate profit after the release of its Annual Financial Statement for 2022.
A statement issued by the Chief Corporate Communications Officer, NNPCL, Femi Soneye, at that time, stated that Kyari disclosed this when he led a delegation from the oil company on a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja.
The NNPCL boss had explained that with the passage of the Petroleum Industry Act 2021, the company’s profitability margins had significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.
“Kyari noted that NNPCL is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements are released, adding that since July this year (2023), the company had started paying dividends to its shareholders,” the statement stated.
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