NNPC LIMITED HITS ₦5.4 TRILLION PROFIT AFTER TAX: A TURNING POINT FOR NIGERIA’S ENERGY SECTOR
GREATRIBUNETVNEWS–Nigerian National Petroleum Company Limited (NNPC Limited) has announced a staggering profit after tax of ₦5.4 trillion, supported by a whopping ₦45.1 trillion in revenue. This remarkable achievement is attributed to enhanced operational efficiency, positive downstream market reforms, and a commitment to cost discipline.
Group Chief Executive Officer, Bayo Ojulari, expressed confidence in the company’s future, stating, “Financially, we have never been stronger or better positioned for tomorrow.” This milestone underscores NNPC Limited’s ongoing transformation and dedication to delivering value to Nigerians.
Key Highlights:
– Revenue Growth: ₦45.1 trillion, an 88% year-on-year increase
– Profit After Tax: ₦5.4 trillion, a 64% year-on-year increase
– Earnings Per Share: ₦27.07, a 64% year-on-year increase
Strategic Roadmap:
– Increase crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030
– Grow natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030
– Mobilize $60 billion in investments across the energy value chain by 2030
With this impressive performance, NNPC Limited is poised to drive Nigeria’s energy transition and secure a brighter future for the nation.
FULL STATEMENT OF OJULARI EXCEPT :
“Today holds significance for us in many respects. We have just concluded NNPC Limited’s Annual General Meeting, and earlier we hosted an Earnings Call with analysts who examined our financial results.
Now, we gather with you, Nigerias foremost print, broadcast, and business journalists, for an open and candid exchange.
These engagements are intentional. They reflect who we are evolving into – a commercially focused company anchored on transparency, accountability, and performance-driven communication.
The 2024 financial results we unveiled today are more than balance sheets and performance indicators. They embody discipline, progress, and the dedication of our teams nationwide.
Yet, we recognize that figures alone cannot speak. They require context, clarity, and accessible interpretation and that is where you play a vital role.
To provide that context, let me briefly underscore what these results signify. In 2024, NNPC Limited achieved a Profit After Tax of ₦5.4 trillion supported by ₦45.1 trillion in revenue.
This outcome was propelled by several critical drivers: enhanced operational efficiency across our assets, the positive impact of downstream market reforms, and our unwavering commitment to cost discipline. Financially, we have never been stronger or better positioned for tomorrow.
Strategically, this financial capacity powers our ambitious national initiatives.
We are vigorously advancing key gas infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline project, also known as AKK, and the Obiafu-Obrikom-Oben, also known as OB3 pipelines, to unlock a gas-powered economy, reviewing technical and commercial viability of our refineries to strengthen domestic energy security, and pursuing a $60 billion investment pipeline to expand oil and gas output.
Our goal remains to raise crude oil production to 3 million barrels per day by 2030 and grow gas production to 12 billion cubic feet daily.
This marks the first time I am engaging the media in this relaxed, interactive format alongside my leadership team. I encourage you to see it as an invitation to ask questions openly and to scrutinize our decisions. It is equally an invitation to grasp the course in which we are steering this company.
We value your pivotal role in shaping public perception, and we respect the responsibility you bear. Thank you for being here, and I look forward to our dialogue.
I have one request, however. Let us keep this open, forthright, and constructive.
Welcome once again.
About the Author
