NNPC Limited has unveiled its 2023 Audited Financial Statement (AFS), reporting a record-breaking net profit of N3.297 trillion for the fiscal year ending December 2023. This marks a significant 28% increase over the N2.548 trillion profit recorded in 2022, reinforcing the company’s commitment to operational excellence and financial growth.
During a world press conference at the NNPC Towers in Abuja, Mr. Umar Ajiya, the Chief Financial Officer of NNPCL, highlighted the importance of this achievement. “Our fiscal performance reflects both strategic foresight and operational resilience. Despite the inherent challenges of our operational and economic environment, we have improved the productivity and financial performance of this great company,” Ajiya stated.
This robust financial performance underscores NNPCL’s dedication to maintaining profitability while contributing to national energy security, as mandated by the Petroleum Industry Act (PIA) 2021. The shareholders have approved a final dividend of N2.1 trillion, showcasing the company’s strong return on investment.
Addressing future plans, Mrs. Oritsemeyiwa Eyesan, the Executive Vice President, Upstream, revealed that the company is aiming to achieve a crude oil production target of 2 million barrels per day by December 2024. This goal is supported by ongoing efforts to combat crude oil theft and pipeline vandalism.
NNPCL has been on a remarkable financial journey. From a loss of N803 billion in 2018, the company turned its fortunes around, achieving its first-ever profit of N287 billion in 2020. Since then, profits have soared, with N674.1 billion in 2021 and N2.548 trillion in 2022. The N3.297 trillion profit for 2023 is the highest in the company’s 46-year history.
Mr. Ajiya also addressed recent concerns regarding fuel queues in Lagos and the Federal Capital Territory, assuring Nigerians that the company is working closely with stakeholders to resolve distribution, evacuation, and logistics challenges.
The announcement of an Initial Public Offering (IPO) will be made once a decision is reached by the shareholders and the Board, according to Mr. Ajiya, who also clarified that NNPC Ltd. is not involved in subsidy payments, but rather in managing PMS importation shortfalls between the company and the Federation.
NNPCL attributes its exceptional financial performance to the PIA 2021 and the collective efforts of its Board, management, and staff. As the company continues to expand its operational capacity and financial reach, the future looks promising for NNPCL and its stakeholders.
