The Nigerian National Petroleum Company (NNPC) Limited has announced a profit after tax (PAT) of N5.4 trillionfor the 2024 financial year, reflecting a 64 percent increase over the N3.3 trillion recorded in 2023.
The disclosure was made by Bayo Ojulari, Group Chief Executive Officer of NNPC, during a media briefing in Abuja on Monday, where he presented the company’s 2024 audited financial statements (AFS).
Ojulari also revealed that revenue for the year rose to N45.1 trillion, representing an 88 percent year-on-year growth.
The company recorded earnings per share of N27.07 for the period under review.
On production, the NNPC CEO reported crude oil output of 202.3 million barrels and gas production of 1.04 billion standard cubic feet (SCF) in 2024.
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He further highlighted the expansion of NNPC’s retail network, which grew to 1,096 outlets nationwide during the year, enhancing accessibility and distribution of petroleum products across the country.
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“To provide that context, let me briefly underscore what these results signify. In 2024, NNPC Limited achieved profit after tax of N5.4 trillion, supported by a N45.1 trillion in revenue,” he said.
“This outcome was prepared by several critical drivers. Enhancing operational efficiency across all our businesses, the positive impact on our downstream markets, reforms and our unveiling commitment to cost discipline.
“Financially, we have never been stronger or better positioned for tomorrow. It’s important to also say here, and I know some of these questions will come, that the journey started from the 2021 when the PIA was unleashed.”
Furthermore, Ojulari said the NNPC’s goal remains to raise production output to 3 million barrels by 2030 “and grow gas production to 12 BCF per day at the same time”.
