PRESS RELEASE
NNPC Releases 2023 Audited Financial Statement …Posts N3.3trn Net Profit, Declares N2.1trn Dividend …Targets 2mbpd Crude Oil Production by Dec 2024
NNPC Limited has announced its 2023 audited financial results, reporting a remarkable net profit of ₦3.297 trillion for the fiscal year ending December 2023. This marks a substantial increase of over ₦700 billion, or 28%, compared to the previous year’s profit of ₦2.548 trillion.
In a press conference held at the NNPC Towers in Abuja on Monday, Chief Financial Officer Mr. Umar Ajiya attributed this impressive performance to the company’s strategic foresight and operational resilience. He emphasized that the robust financial results reflect NNPC Ltd.’s commitment to transparency and accountability.
“Our fiscal performance is a testament to both strategic foresight and operational resilience. Despite the challenges in our operational and economic environment, we have significantly enhanced the productivity and financial performance of NNPC Ltd.,” Ajiya stated.
Ajiya also clarified that the company has not been involved in paying fuel subsidies, but rather managing the shortfall in PMS importation between NNPC and the Federation. He indicated that an Initial Public Offer (IPO) will be announced once the shareholders and Board finalize their decision.
Chairman of the NNPC Ltd. Board, Chief Pius Akinyelure, highlighted that this stellar performance is a direct result of the Petroleum Industry Act (PIA) 2021 and the dedication of the Board, management, and staff. The shareholders have approved a final dividend of ₦2.1 trillion in accordance with PIA 2021 provisions.
Mrs. Oritsemeyiwa Eyesan, Executive Vice President of Upstream, noted that NNPC Ltd. is aiming for a production target of 2 million barrels per day by the end of the year, driven by improvements in the fight against crude oil theft and pipeline vandalism.
Addressing the current fuel queues in Lagos and the FCT, Mr. Dapo Segun, Executive Vice President of Downstream, called for public understanding, assuring that the company is working with stakeholders to resolve distribution and logistics issues.
READ ALSO: BREAKING: NNPC Limited Announces Record N3.3 Trillion Net Profit for 2023
NNPC Ltd. has shown a remarkable turnaround since 2018, when it reported a loss of ₦803 billion. By 2020, it achieved its first profit of ₦287 billion, followed by ₦674.1 billion in 2021, and ₦2.548 trillion in 2022. The ₦3.297 trillion profit for 2023 is the highest in the company’s 46-year history.
Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja
19th August 2024.
