MON AUG 19 2024-theGBJournal| NNPC Limited beat market expectation in its 2023 financial year report Monday, and announced an Initial Public offer (IPO) once the shareholders and Board make a decision.
Net profit came in at N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.
The state oil company also declared N2.101 trillion as dividend for the period.
The Chief Financial Officer of the Company, Mr. Umar Ajiya, who announced the result during a world press conference, said the performance refletcs both strategic foresight and operational resilience.
”Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” he adds.
Ajiya revealed that NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, while also debunking claims on subsidy payment, saying the Company was only taking care of PMS importation shortfall between it and the Federation.
Meanwhile, Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.
In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
