NNPC Limited Posts Record N3.297 Trillion Profit for 2023, Achieves 28% Growth
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a record net profit of N3.297 trillion for 2023, a 28% increase from N2.548 trillion in 2022. This is the highest profit in the company’s 46-year history.
NNPC’s Chief Financial Officer, Umar Ajiya, credited the success to strategic foresight and operational resilience, despite challenging economic conditions. The company’s 2023 Audited Financial Statement highlights its commitment to transparency and accountability.
NNPC Releases 2023 Audited Financial Statement
photo credit: NNPCL
Board Chairman, Pius Akinyelure, attributed the strong financial results to the Petroleum Industry Act (PIA) of 2021 and the dedication of NNPC’s management and staff. A final dividend of N2.1 trillion has been approved for shareholders under the PIA.
NNPC aims to achieve a crude oil production target of 2 million barrels per day by December 2024. The company is also addressing recent fuel shortages in Lagos and Abuja by working closely with stakeholders to resolve distribution issues.
NNPC’s financial turnaround has been remarkable, growing from a loss in 2018 to a record profit in 2023.
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