NNPC Smashes Records with N3.297 Trillion Profit in 2023
- Katsina City News
- 23 Aug, 2024
- 258
Katsina Times
In a groundbreaking achievement, the Nigerian National Petroleum Company (NNPC) Limited has announced a net profit of N3.297 trillion for the 2023 financial year, shattering previous records.
According to the company's 2023 Audited Financial Statement (AFS), this remarkable feat represents a 28% increase from the previous year's profit of N2.548 trillion. The NNPC's Chief Financial Officer, Umar Ajiya, attributed this success to the company's strategic foresight and operational resilience.
"The release of our AFS demonstrates our commitment to transparency and accountability," Ajiya stated during a press conference at the NNPC Towers in Abuja. "Despite challenges, we have improved productivity and financial performance, showcasing our dedication to sustaining profitability and supporting national energy security."
Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, praised the company's excellent performance, citing the Petroleum Industry Act (PIA) 2021 and the commitment of the Board, Management, and staff. Shareholders have approved a final dividend of N2.1 trillion, aligning with PIA 2021 provisions.
The company aims to increase crude oil production to 2 million barrels per day by year-end, thanks to improvements in the fight against crude oil theft and pipeline vandalism. However, NNPC appealed for understanding regarding current fuel queues in Lagos and the FCT, assuring that they are working to address distribution, evacuation, and logistics challenges.
This unprecedented profit marks a significant milestone for NNPC, solidifying its position as a leader in the energy sector.
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