The Nigerian National Petroleum Company NNPC Limited (NNPCL) yesterday declared N674 billion Profit After Tax for the year that ended December 31, 2021.
Its Group Chief Executive Officer, Malam Mele Kyari, made this known at a press conference in Abuja. He said the profit rose 134.8 per cent from the N287billion recorded in 2020.
“I am happy to announce that the Board of NNPC Limited has approved 2021 audited financial statements, and NNPC has progressed to a new performance level, from N287 billion profit in 2020 to a N674 billion profit after tax in 2021, climbing higher by 134.8 per cent YoY profit growth,” he said.
He recalled that last September, Mr. President approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPCL declared a profit after tax of N287 billion for the first time in its 44 years.
He noted that despite the company’s challenging operating environment, his team believed that NNPCL has the potential to sustainably deliver better value to its esteemed shareholders.
Kyari said the Group Financial position recorded an increase in total assets from N15.86trillion in 2020 to N16.27triillion in 2021, while our Total Liabilities decreased by 8.3 per cent from N14.68trillion in 2020 to N13,46 trillion last year.
He identified the over 200million Nigerians as NNPCL shareholders, noting that “Our shareholders fund position grew to N2.81trillion representing 144 per cent YoY.
“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.”