The Nigerian National Petroleum Company Limited (NNPC Ltd) has posted a profit after tax (PAT) of N674 billion for the 2021 financial year ended Dec. 31.
The figure represented an increase of 134.84 per cent when compared with N287 billion profit recorded in the prior year 2020 under the old Nigerian National Petroleum Corporation (NNPC).
Also, the company grew its total assets from N15.86 trillion in 2020 to N16.27 trillion in 2021, while its shareholders funds rose N2.81 trillion representing 144 per cent year-on-year.
The Group Chief Executive Officer (GCEO) of NNPC Ltd, Malam Mele Kyari disclosed this at a media briefing in Abuja on Tuesday.
He said: “NNPC progressed to a new performance level, from N287 billion profit in 2020 to a N674 billion profit after tax in 2021 climbing higher by 134.8 per cent year on year profit growth.”
According to the GCEO, the corporation’s total liabilities decreased by 8.3 per cent to N13.46 trillion during the review period from N14.68 trillion in 2020.
Shareholders funds position rose N2.81 trillion representing 144 per cent year-on-year.
Kyari noted that “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 stated that details of the performance of NNPC and the respective subsidiaries as well as that of National Petroleum Investment Management Services (NAPIMS) would be published on the company’s website www.nnpcgroup.com for stakeholder’s perusal.
“We look forward to achieving greater performance to support our growth aspirations and to create more value for our stakeholders as we drive full commercial operations under NNPC Ltd.,’’ he said.
The GCEO recalled that President Muhammadu Buhari, in September 2021, approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of N287 billion for the first time in 44 years.
He said that despite the challenging operating environment, the company had the potential to sustainably deliver better value to its numerous shareholders.
Kyari pointed out that NNPCL had recorded significant improvement over the past three years, turning up the curve from losses to profits.
NNPC became a full commercial entity in July 2022.