 Limited has announced a profit after tax (PAT) of N5.4 trillion for 2024){kind=link}
The Nigerian National Petroleum Company (NNPC) Limited has announced a profit after tax (PAT) of N5.4 trillion for 2024, marking a 64 percent increase from the N3.3 trillion posted in 2023.
Bayo Ojulari, the group chief executive officer of the NNPC board, disclosed the figures on Monday during a media briefing in Abuja on the company’s 2024 audited financial statements.
The NNPC boss revealed that the company generated N45.1 trillion in revenue during the period, reflecting an 88 percent growth year-on-year.
He added that earnings per share stood at N27.07 in the reviewed year.
Ojulari further highlighted that NNPC produced 202.3 million barrels of crude oil and 1.04 billion standard cubic feet (SCF) of gas in 2024, while its retail network expanded to 1,096 outlets nationwide.
“To provide that context, let me briefly underscore what these results signify. In 2024, NNPC Limited achieved profit after tax of N5.4 trillion, supported by a N45.1 trillion in revenue,” he said.
“This outcome was prepared by several critical drivers. Enhancing operational efficiency across all our businesses, the positive impact on our downstream markets, reforms and our unveiling commitment to cost discipline.
“Financially, we have never been stronger or better positioned for tomorrow. It’s important to also say here, and I know some of these questions will come, that the journey started from the 2021 when the PIA was unleashed.”
Ojulari said the company is targeting a production output of 3 million barrels by 2030 and aims to grow gas production to 12 BCF per day.