A profit of N674 billion after taxes has been declared for 2021 by the Nigerian National Petroleum Corporation Limited, NNPCL.
According to NNPCL, the audited financial statements for 2021 have been approved by the Board. “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% year on year profit growth,” the Group Managing Director Mele Kyari said.
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Mele Kyari spoke about the company’s performance at a press conference on October 4 in Abuja. In 2019, the group implemented policies and initiatives aimed at lowering costs and mitigating losses in order to establish transparency and performance excellence across the group’s business operations, he said.
He went on to say that President Buhari, who also serves as the nation’s petroleum minister, completely endorsed the plans.
“Since then, we have begun to see the transformation and impact of these policies. We have recorded significant improvement in our financial performance, over the past three years, from losses to profits.
“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% year-on-year profit growth.
“In September 2021, Mr. President approved the obligation of the 2020 audited financials and we declared the profit after tax of N287bn for the first time in 44 years.
“Despite our challenging operating environment, we strongly believe that the NNPC has the potential to substantially deliver better value to shareholders.
“The group’s financial position recorded an increase in total assets from 15.86trn in 2020 to 16.27trn in 2021. While total liabilities decreased by 8.3% from 14.68trn in 2020, to 13.46trn in 2021.
“Our shareholder position grew to 2.8trn representing 144% year-to-year interest.
“The performance would have been greater if the operations in the year under review were free from incessant vandalism” Kyari said.
