NNPC Grows Profit By 135% To N674bn

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Amidst the challenging operating environment which has tested the resilience of institutions and businesses globally, the Nigerian National Petroleum Company Ltd has continued to weather the storm by posting its second consecutive year of profit of N674.1bn in the 2021 financial period.

The positive result is coming as global economies continue to struggle with the recessionary forces and weak economic outlook.

In spite of a tough and volatile operating environment, the NNPC Group’s investment strategy proved resilient and enabled the National Oil Company to deliver favourable outcomes as shown by the 2021 financial statement.

NNPC Grows Profit By 135% To N674bn

For instance, the NNPC Group which became a CAMA Company in 2021 following the implementation of the Petroleum Industry Act, grew its profit from N287bn in 2020 to N674bn in 2021.

The NNPC’s Group Account was audited by PriceWaterhouseCoopers, SIAO, and Muntari Dangana Accounting Firms.

The N674bn profit posted by the NNPC Group in the 2021 financial period represents an increase of N387bn or 134.8 per cent when compared to the N287bn recorded in 2020.

Announcing the result on Tuesday in Abuja, the NNPC Group Chief Executive Officer, Mele Kyari said, “Today I’m happy to announce that the Board of NNPC has approved 2021 audited financial statements and NNPC has progressed to a new performance level,from N287bn profit in 2020 to N674bn profit after tax in 2021,climbing higher by 134.8% YoY profit growth.”

The 2021 financial year made it the fourth consecutive years that the NNPC will be making its Audited Financial Statement public. This was one of the innovations made by Kyari when he took over the helms of affairs of the National Oil Company.

Source: Vanguard Newspaper