NNPCL Declares Profit After Tax, Rakes Billions | See Details

By Tolulope Oke

The Nigerian National Petroleum Company Limited (NNPCL), announced its Profit After Tax (PAT) financial status and revealed that it earned N674 billion for the fiscal year 2021.

NNPCL’s Group Chief Executive Officer, Mallam Mele Kyari, made the announcement in Abuja while releasing excerpts of the group’s audited financial statement for the year ended December 31, 2021.

He claimed that the company’s upstream operations, as well as its activities in gas and power, were the primary drivers of the profit.

The amount is 134.8 per cent or N387 billion higher than the N287 billion announced by the company in 2020.

The GCEO added that there will be no turning back from the new course that the NNPCL has chosen for itself as it aspires to become a “dynamic global energy company” of choice to its clients, partners, and its more than 200 million shareholders, who are all Nigerians.

“In 2019, we rolled out deliberate policies and initiatives aimed at reducing costs and eliminating losses while adopting technology to entrench Transparency, Accountability, and Performance Excellence (TAPE) across the various functions that support our business operations.

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“Since then, we began to see the transformational impact of these policies and initiatives on NNPC’s performance. We have recorded significant improvement in our financial performance over the past three years, turning up the curve, from losses to profits,” Kyari stated.

Despite the difficult operating climate, Kyari said the NNPCL is confident in the company’s ability to sustainably provide superior value to its shareholders.

“Today I am happy to announce that the board of the NNPC Limited has approved 2021 audited financial statements, and NNPC has 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,” he declared.