The Nigerian National Petroleum Company (NNPC) Limited has released its 2023 Audited Financial Statement, reporting a net profit of N3.297 trillion, a 28% increase from the previous year’s profit of N2.548 trillion.
At a press conference held at the NNPC Towers in Abuja, Chief Financial Officer Umar Ajiya attributed the company’s impressive financial performance to strategic foresight and operational resilience. “Our commitment to transparency and accountability is evident in the release of our Audited Financial Statement,” he said.
The company has declared a final dividend of N2.1 trillion, in line with the provisions of the Petroleum Industry Act (PIA) 2021. NNPC Limited is also targeting 2 million barrels per day crude oil production by December 2024.
Chairman of the NNPC Limited Board, Chief Pius Akinyelure, praised the company’s performance, citing the impact of the PIA 2021 and the dedication of the Board, Management, and staff.
Executive Vice President, Upstream, Oritsemeyiwa Eyesan, highlighted the progress made in combating crude oil theft and pipeline vandalism, while Executive Vice President, Downstream, Dapo Segun, assured that the company is working to address current fuel distribution challenges.
This record-breaking profit marks a significant milestone for NNPC Limited, following a trajectory of improved financial performance since 2020.
LV