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NNPC declares N674bn profit

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NNPC to build two new condensate refineries

The Nigerian National Petroleum Corporation (NNPC) Limited has declared a profit of N674billion for 2021.

The NNPC Group Managing Director, Melee Kyari, disclosed this in a statement on the company’s Twitter handle on Tuesday.

He said the NNPC Board has approved the audited financial statements for 2021.

Kyari said: “NNPCL has progressed to a new performance level from N287bn profit in 2020 to N674bn profit after tax in 2021, climbing higher by 134.8 percent year-on-year profit growth.”

This is the second consecutive year NNPC will be reporting a profit in its operation.

The value of NNPC assets also increased from N15.86 trillion to N16.27 trillion in 2021 while its total liabilities decreased by 8.3 per cent from N14.68 trillion in 2020 to N13.46 trillion the following year.

The company’s shareholders’ fund also grew by 144 percent to N2.81 trillion in 2021.

Read also:NNPC Limited acquires Oando filling stations, others

“The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and products theft among others,” the GMD added.

Kyari had said during a visit to the Delta State Governor, Ifeanyi Okowa, in August decried Nigeria’s inability to meet the Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.99 million barrels per day with its current production level standing at 1.4 million barrels per day.

He added that Nigeria loses $1.9 billion monthly to crude oil theft.

The NNPC chief assured that despite the challenging operating environment, the company has the potential to deliver greater value to its shareholders sustainably.

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