The Nigerian National Petroleum Company Limited (NNPCL) has again, declared a total of N674billion profit after tax for the year ended 2021.
This implies a 134.8 per cent Year-on-Year profit growth from the N287 billion it declared in 2020.
While briefing journalists on the development, on Tuesday, the Group Chief Executive Officer (GCEO), NNPCL, Mele Kyari, disclosed that the Company recorded an increase in its total assets from N15.86trillion in 2020 to N16.27 trillion in 2021.
According to him, its total Liabilities decreased by 8.3 per cent from N14.68trillion in 2020 to N13,46 trillion in 2021.
However, he noted that the company’s performance would have surpassed what was being declared but for incessant vandalism, crude oil and product theft.
“The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and products theft among others,” he said.
He noted that the NNPCL had in 2019, rolled out deliberate policies and initiatives aimed at reducing costs and eliminating losses while adopting technology to entrench Transparency, Accountability, and Performance Excellence (TAPE) across the various functions that support its business operations.
“Since then, we began to see the transformational impact of these policies and initiatives on NNPC’s performance. We have recorded significant improvement in our financial performance over the past three (3) years, turning up the curve, from losses to profits,” he stressed.
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