NNPC Posts N674bn PAT In One Year

The Nigerian National Petroleum Corporation Limited (NNPCL) has declared a Profit After Tax (PAT) of N674billion for the year 2021.

The NNPC announced the results on Tuesday via Twitter.

According to NNPCL, the Board has approved the audited financial statements for 2021. The Group Managing Director, Mele Kyari, was quoted as saying; “NNPCL has progressed to a new performance level, from N287bn profit in 2020 to N674billion profit after tax in 2021, climbing higher by 134.8 per cent year-on-year profit growth.”

During a press conference held in Abuja on October 4, Mele Kyari spoke about the company’s performance.

According to him, in 2019, the group rolled out policies and initiatives aimed at reducing costs and mitigating losses so as to entrench transparency and performance excellence across the various functions of the group’s business operations.

He explained further that the policies were fully supported by President Buhari, who doubles as the country’s petroleum minister.

“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 per cent 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 N287billion 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.

We have progressed to a new performance level from 287billion in 2020, to 674bn profit after tax in 2021, climbing higher by 134.8 per cent, compared to the year 2020.

The group’s financial position recorded an increase in total assets from 15.86trillion in 2020 to 16.27trn in 2021. While total liabilities decreased by 8.3 per cent from 14.68trillion in 2020, to 13.46trillion in 2021.

Our shareholder position grew to 2.8trillion representing 144 per cent year-to-year interest.

“The performance would have been greater if the operations in the year under review were free from incessant vandalism”, he said.