PPMC declares N13bn net profit in 2021

The Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC Ltd. has declared a N12.95billion net profit for the year ended December 2021, a development is attributed to the adoption of a commercial mindset in the company’s operation.

The figure represents a 260 per cent increase over its net profit of N3.59bn recorded in 2020.

This was disclosed by the Alternate Chairman of the PPMC Board of Directors and Chief Financial Officer of NNPC Ltd., Mr Umar Ajiya, during the company’s 32nd Annual General Meeting held recently in Abuja.

He also disclosed that the company achieved 85 per cent reduction in demurrage cost from $64.9million in 2020 to $9.46m in 2021 due to effective vessels/cargo programming and increased PMS demand.

According to him, the figure surpassed the 50 per cent demurrage cost reduction target that had been set for the year.

He listed some of the company’s achievements for the 2021 financial year to include: Sustenance of products supply sufficiency, zero fuel queues throughout the year with peaceful industrial harmony, and automation of business processes.

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On the outlook for the future, the CFO informed that PPMC was looking at expanding its products portfolio.

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PPMC declares N13bn net profit in 2021