The Nigerian National Petroleum Corporation Limited has declared a profit of N674 billion after tax for the 2021 Fiscal year.
The NNPC announced the results via their twitter account on October 4th, 2022.
The audited financial statements for 2021 have been approved by the Board, according to NNPCL. “NNPCL has progressed to a new performance level, from N287bn profit in 2020 to N674bn profit after tax in 2021, climbing higher by 134.8% year-on-year profit growth,” said Group Managing Director Mele Kyari.
During a press conference held in Abuja on October 4, Mele Kyari spoke about the company’s performance. According to him, in 2019, the group rolled out policies and initiatives aimed at reducing costs and mitigating losses so as to entrench transparency and performance excellence across the various functions of the group’s business operations.
He explained further that the policies were fully supported by President Buhari, who doubles as the country’s petroleum minister.
What he said
“Since then, we have begun to see the transformation and impact of these policies. We have recorded significant improvement in our financial performance, over the past three years, from losses to profits.
NNPCL has progressed to a new performance level, from N287bn profit in 2020 to N674bn profit after tax in 2021, climbing higher by 134.8% year-on-year profit growth.
In September 2021, Mr. President approved the obligation of the 2020 audited financials and we declared the profit after tax of N287bn for the first time in 44 years.
Despite our challenging operating environment, we strongly believe that the NNPC has the potential to substantially deliver better value to shareholders.
We have progressed to a new performance level from 287bn in 2020, to 674bn profit after tax in 2021, climbing higher by 134.8%, compared to the year 2020.
The group’s financial position recorded an increase in total assets from 15.86trn in 2020 to 16.27trn in 2021. While total liabilities decreased by 8.3% from 14.68trn in 2020, to 13.46trn in 2021.
Our shareholder position grew to 2.8trn representing 144% year-to-year interest.
The performance would have been greater if the operations in the year under review were free from incessant vandalism.