The Nigerian National Petroleum Company Ltd has posted a Profit After Tax of N3.3tn in the 2023 financial period.
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The Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, disclosed this during a media briefing on Monday on the Audited Financial Statements.
The N3.3rn represents an increase of N749bn when compared to the N2.54tn posted in the 2022 financial period.
The company also declared a dividend of N2.1tn to its shareholders.
Speaking further on the financial report, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.
He said the financial performance reflects both the strategic foresight and operational resilience of the NNPC Ltd.
Despite mounting operational and economic challenges, Ajiya explained that the NNPC Ltd, since becoming a CAMA company has shown that it is ready to compete among its peers globally.
He said, “Our fiscal performance reflects 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.”
Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act 2021, and by extension, as expected by the Company’s shareholders.
Explaining that the NNPC Ltd will announce Initial Public offer once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of PMS importation shortfall between it and the Federation.
According to him, no oil marketer has been paid fuel subsidy in the last eight to nine years by the NNPC Ltd.
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