NNPC Grows Profit From N287bn To N674bn Within One Year

The Nigerian National Petroleum Company Limited (NNPC) says it grew its profit after tax from N287bn in 2020 to N674bn in 2021.

NNPC Doubles Profit In One Year

This was disclosed by the Group Chief Executive Officer of NNPC, Mele Kyari at an ongoing press conference in Abuja on Tuesday.

Kyari said the 2021 profit was contained in the Group Audited Financial Statement of the oil firm for the year ended December 31, 2021.

He said, “In September 2021, Mr. President graciously approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of N287bn for the first time in its 44 years.

“Despite our challenging operating environment, we strongly believe that NNPC has the potential to sustainably deliver better value to its esteemed shareholders.

“Today I am happy to announce that the Board of NNPC Limited has approved 2021 audited financial statements, and NNPC progressed to a new performance level, from N287bn profit in 2020 to a N674bn profit after tax in 2021, climbing higher by 134.8 per cent year-on-year profit growth.”

This is a developing story. More details will be added shortly…

Meanwhile, Kanyi Daily had reported that NNPC boss, Kyari had said Nigeria will stop importation of petroleum products in 2023.