The Nigerian National Petroleum Company Ltd (NNPCL) has announced a record profit after tax of N3.3 trillion for the 2023 financial year. This represents a notable increase from the N2.54 trillion profit reported for 2022, marking an impressive rise of N749 billion.
The announcement was made on Monday by Chief Pius Akinyelure, Chairman of the NNPC Ltd Board, during a media briefing. Akinyelure, who is also a pioneer Vice Chairman of Nigeria’s ruling party, the All Progressives Congress (APC), highlighted the company’s robust financial performance and strategic operational efficiency.
“The audited financial statement for 2023 reflects our commitment to operational excellence and financial discipline,” Akinyelure said.
He attributed the significant profit growth to improved efficiency, effective cost management, and favorable global oil market conditions.
In addition to the record profit, NNPCL revealed that it will distribute a dividend of N2.1 trillion to its shareholders. This dividend payout underscores the company’s strong financial health and its commitment to delivering value to its stakeholders.
The substantial profit and dividend distribution come at a time when the global oil industry is facing various challenges, including fluctuating oil prices and geopolitical uncertainties. NNPCL’s performance is expected to boost investor confidence and enhance its standing in the industry.
Analysts and industry experts have lauded the company’s results, noting that such financial success is likely to have a positive impact on Nigeria’s economy, particularly in terms of job creation and investment opportunities.
As NNPCL continues to navigate the complexities of the global energy market, the impressive financial results for 2023 serve as a testament to its strategic vision and operational effectiveness.