JUST IN: Despite fall in oil price, NNPC grows profit to N674bn in 2021

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The Nigerian National Petroleum Company (NNPC) Limited has declared a profit after tax of N674 billion for the financial year 2021.

This was announced by the Group Chief Executive Officer (GCEO) of NNPC Limited, Engr. Mele Kyari, at a press conference in Abuja, on Tuesday, October 4, 2022.

According to him, the development followed the approval of the 2021 audited financial statements by the Board of the oil company.

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He added that the NNPC Limited has progressed to a new performance level from N287bn profit in 2020 to N674bn profit after tax in 2021, moving higher by 134.8% year-on-year profit growth.

His statement partly reads; “In September 2021, Mr. President graciously approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of N287bn for the first time in its 44 years.

“Despite our challenging operating environment, we strongly believe that NNPC has the potential to sustainably deliver better value to its esteemed shareholders.

“Today I am happy to announce that the Board of NNPC Limited has approved 2021 audited financial statements, and NNPC progressed to a new performance level, from N287bn profit in 2020 to an N674bn profit after tax in 2021, climbing higher by 134.8 percent year-on-year profit growth.”

The company was able to generate more profit despite all oil grades witnessed reduced prices.

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