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.
“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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...
INVESTIGATION: How N70m road construction created more hardship for Sokoto residents
“To address recurrent accidents on Gagi to Gidan Dilo road and Fakon Idi roads, in Sokoto State, the Federal Government,...
INVESTIGATION: Inside Kwara school where students are used as labour on teachers’ private farms
In this report, SHEREEFDEEN AHMAD uncovered how young students in Kwara State, Nigeria, are being used for labour work on...
INVESTIGATION: How Kano SUBEB awarded contracts to inactive contractors, non-existent schools
In an effort to address issues hindering quality education, the Kano State Government in 2020 awarded N88,406,667.10 for the construction...