The Nigerian National Petroleum Company (NNPC) Limited has declared a profit after tax of N674 billion(Equivalent of $1,556,940,000) for the financial year 2021.
Group Chief Executive Officer (GCEO) of NNPC Limited, Engr. Mele Kyari, who made the announcement via the verified Twitter handle of the company on Tuesday, said the development followed the approval of the 2021 audited financial statements by the Board of the oil company.
He added that the NNPC Limited has progressed to a new performance level from N287bn profit in 2020 to N674bn profit after tax in 2021, moving higher by 134.8% year on year profit growth.
Kyari also said the profit was driven squarely by upstream activities including oil and gas and power.
“We have recorded significant improvement in our financial performance over the past three (3) years, turning up the curve, from losses to profits.”
He also noted that the profit could have been more if not for the crude oil theft with the industry losing about 200,000 barrels per day to the menace.
Kyari said Nigeria had the capacity to do 2.4 million barrels per day but due to the issues which resulted in shut down of pipelines, the daily production is just around 1.2m bpd.
“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 Group Financial position recorded an increase in Total Assets from N15.86trillion in 2020 to N16.27triillion in 2021, while Total Liabilities decreased by 8.3% from N14.68trillion in 2020 to N13,46 trillion in 2021.
Shareholders fund position grew to N2.81trillion represent 144% Year-on-Year.
Source: https://energynewsafrica.com
