NNPC projects N2trn profit increase from 2022 audited financial statements

The Nigerian National Petroleum Company Limited (NNPCL) has projected a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) are released. This announcement comes as the company reveals its robust plan for supplying petroleum products, especially Premium Motor Spirit (PMS), sufficient to last beyond the ember months and the new year festivities.

Mele Kyari, the GCEO of NNPC Ltd., disclosed this during a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja. Kyari mentioned that since July 2023, the company has commenced the payment of dividends to its shareholders.

He highlighted that with the passage of the PIA 2021, profitability margins have significantly risen, transforming from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.

While acknowledging crude oil theft and pipeline vandalism as major challenges to the company’s business, Kyari stated that recent collaborations with the nation’s security services and third-party security contractors have yielded positive results, particularly in the increased crude oil production.

Kyari also shared that NNPC Ltd. is actively investing in various gas and power projects across the country aimed at supporting the Federal Government’s power generation and industrialization aspirations.

Furthermore, he assured that NNPC Ltd. is working to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products.

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