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NNPC Ltd: We raised profit by 134%, recorded N674bn in 2021

The Nigerian National Petroleum Company (NNPC) Ltd has declared a N674 billion profit after tax for 2021, rising by 134.8% higher than the N287bn it…

The Nigerian National Petroleum Company (NNPC) Ltd has declared a N674 billion profit after tax for 2021, rising by 134.8% higher than the N287bn it recorded in 2020.

The Group Chief Executive Officer of NNPC, Mele Kolo Kyari, disclosed this at briefing in Abuja, on Tuesday.

He said, “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, from 287Billion Naira profit in 2020 to a 674billion Naira profit after tax in 2021, climbing higher by 134.8% year on year profit growth.”

Kyari also said the profit was driven squarely by upstream activities including oil and gas and power.

“We have recorded significant improvement in our financial performance over the past three (3) years, turning up the curve, from losses to profits.”

He also noted that the profit could have been more if not for the crude oil theft with the industry loosing about 200,000 barrels per day to the menace.

Kyari said Nigeria had the capacity to do 2.4 million barrels per day but due to the issues which resulted in shut down of pipelines, the daily production is just around 1.2m BPd.

“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.”

The Group Financial position recorded an increase in Total Assets from N15.86trillion in 2020 to N16.27triillion in 2021, while Total Liabilities decreased by 8.3% from N14.68trillion in 2020 to N13,46trillion in 2021.

Shareholders fund position grew to N2.81trillion represent 144% YoY