NNPC declares record N3.3tn profit in 2023, announces N2.1tn dividend

The Nigerian National Petroleum Company Limited has announced a net profit of N3.297 trillion for the financial year ending December 2023, marking a 28% increase from the N2.548 trillion profit recorded in 2022.

A statement by Chief Corporate Communications Officer, Olufemi Soneye, on Monday noted that this achievement, the highest in the company’s 46-year history, was disclosed during a world press conference at the NNPC Towers in Abuja.

The statement said, “The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of 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.”

Speaking at the event, NNPC’s Chief Financial Officer, Umar Ajiya, highlighted the significance of the company’s fiscal performance, attributing it to “strategic foresight and operational resilience.”

He emphasised that the release of the 2023 Audited Financial Statement (AFS) underscores NNPC’s commitment to transparency and accountability.

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges in our operational and economic environment, we have improved the productivity and financial performance of this great company,” Ajiya stated.

The NNPC Ltd Board Chairman, Pius Akinyelure, credited the financial results to the Petroleum Industry Act of 2021, and the dedication of the company’s Board, management, and staff.

“Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions,” the statement added.

According to the statement, NNPC Ltd is targeting a crude oil production level of 2 million barrels per day by December 2024.

The statement said, “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.”

Addressing recent fuel queues in Lagos and Abuja, Executive Vice President, Downstream, Mr. Dapo Segun, urged Nigerians to be patient, assuring that the company is actively working with stakeholders to resolve the distribution 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,” the statement added.