NNPCL Declares Impressive N5.4 Trillion Profit After Tax For Year Ended 2024 ..Receives Top Financial Ratings
By Akeem Busari
The Nigeria National Petroleum Company Limited has declared a N5.4 Trillion profit after tax and a revenue of N45.1 Trillion for the year ended 2024.
This much was disclosed by the management of the NNPCL during its Annual General Meeting on Monday, in Abuja. The company said the result provides the solid base for its push to rehabilitate refineries and scale up crude output, as it works to strengthen energy supplies and cut reliance on fuel import.
Analysing the recent performance of the NNPCL in the financial market, experts in the sector were full of praises for its financial intelligence and growing strength, as they described its renewed financial vigour, to a once moribund airplane that has now left the tarmac and now flying high in the air. Even as they compared the company favourable with other global oil giants like Chevron.
Speaking during the AGM, the Chairman of the board of the NNPCL, Engr. Ahmadu Musa Kida, remarked, “today, I am proud to announce a defining milestone in the history of our new company. The NNPC Limited has delivered a Profit After Tax of ₦5.4 trillion for the year ended 2024, on revenue of ₦45.1 trillion.
“These results are more than numbers. They are a validation of our strategic direction and the dedication of every member of the NNPC team.
This performance strengthens our foundation to fuel Nigeria’s economic growth and energy security, and it reaffirms our commitment to delivering sustained value for all our stakeholders,” he added.
Meanwhile the summary of the financial audit for year 2024, also highlighted a strong post-PIA foundation for Operational and Financial Transformation in 2024 and a strategic roadmap unveiled to sustain growth and energy transition through 2030, and with projected investment to attract $60 Billion by 2030.
The NNPCL also revealed its strategic objectives to include, achieving crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day in 2030.
It targeted to have a natural gas production of 10bcf per day in 2027 and 12bcf per day in 2030. The company also plans to achieve the following objectives like the completion of critical gas infrastructure projects including the AKK, Escravos-Lagos pipeline system(ELPS) and the Obiafu-Obrikom-Oben (OB3) expansion.
Others include, attracting and mobilising $60 Billion in investments across all oil and gas sectors by 2030. As it also laid its strategic vision to making the organisation a partner of choice, a market leader and unleashing the full talents of Nigerians.
