The Nigerian National Petroleum Company Limited (NNPCL) Tuesday announced a profit after tax of N674 billion in the 2021financial year representing a 134.8 per cent year-on-year profit growth.
In 2020, the company had announced a profit after tax of N287 billion.
According to the Group Chief Executive Officer of NNPCL, Mele Kyari, the company recorded an increase in total assets from N15.86 trillion in 2020 to N16.27 trillion in 2021, while its total liabilities decreased by 8.3 per cent from N14.68 trillion in 2020 to N13.46 trillion in 2021.
He said shareholders’ funds grew to N2.81trillion representing a 144 per cent year-on-year increase.
“Today 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.
“Despite our challenging operating environment, we strongly believe that NNPC has the potential to sustainably deliver better value to its esteemed shareholders.
“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,” he said.
President Muhammadu Buhari had in September 2021, approved the publication of the 2020 NNPC Group Audited Financial Statement, where it declared a profit after tax of N287 billion.
“In 2019, we rolled out deliberate policies and initiatives aimed at reducing costs and eliminating losses while adopting technology to entrench Transparency, Accountability, and Performance Excellence (TAPE) across the various functions that support our business operations.
