NNPCLtd grows profit after tax by 134.84% to N674 billion full year 2021 

Oredola Adeola

The Nigerian National Petroleum Company Limited (NNPC Ltd) has declared a profit after tax of N674 billion for the financial year ended Dec. 31, 2021, recorded under the old NNPC.
Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd.,  made this known in the financial results for the period released on Monday in Abuja during a press conference.
According to GCEO, the profit represented a growth of 134.84 percent when compared with N287 billion profit in 2020.
EnergyDay gathered that President Muhammadu Buhari had in Sept. 2021, approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of N287 billion for the first time in 44 years.
Kyari while announcing the financial result said, “NNPC progressed to a new performance level, from N287 billion profit in 2020 to an N674 billion profit after tax in 2021 climbing higher by 134.8 percent year on year profit growth,’’ he said.
Kyari also said that it recorded an increase in total assets from N15.86 trillion in 2020 to N16.27 trillion in 2021.
Speaking on the Group’s financial position, Kyari said the corporation’s total liabilities decreased by 8.3 percent to N13.46 trillion during the review period from N14.68 trillion in 2020.
The GCEO said its shareholder’s funds position rose N2.81 trillion representing 144 percent year-on-year.
“The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil, and product theft, among others.
“Details of the performance of NNPC and the respective subsidiaries as well as that of National Petroleum Investment Management Services (NAPIMS) will be published on NNPC’s official website for stakeholder’s perusal.
“We look forward to achieving greater performance to support our growth aspirations and to create more value for our stakeholders as we drive full commercial operations under NNPC Ltd.,’’ the NNPCL GCEO said.
Kyari said that in spite of the challenging operating environment, it strongly believed that the corporation had the potential to sustainably deliver better value to its shareholders.
He said it sought to become a dynamic global energy company of choice to its customers, partners, and over 200 million shareholders comprising all Nigerians.
Kyari noted that the Corporation in 2019 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 its various functions.
The GCEO further noted that the national oil company had recorded significant improvement over the past three years, turning up the curve from losses to profits.