From Victor Osula, Abuja
The Group Chief Executive Officer, GCEO, of the Nigeria National Petroleum Company Limited, NNPC, Malam Mele Kyari, has announced a N674 bn after tax profit for the year ended 2021.
Speaking at a press conference in Abuja on Tuesday, he said the profit is a 134.8 per cent profit growth over the N287 bn for the previous year, adding that the profit would have been higher but for the hostile operational environment in the country.
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 287 billion Naira 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, (Tuesday), 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, from 287Billion Naira profit in 2020 to a 674Billion Naira profit after tax in 2021, climbing higher by 134.8% YoY profit growth.
“The Group Financial position recorded an increase in Total Assets from N15.86trillion in 2020 to N16.27triillion in 2021, while our Total Liabilities decreased by 8.3% from N14.68trillion in 2020 to N13,46trillion in 2021.
“Our shareholders fund position grew to N2.81trillion represent 144% YoY
“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.”
