NNPC Ltd. Posts N3.3 Trillion Net Profit in 2023, Declares N2.1 Trillion Dividend

NNPC Limited has released its 2023 Audited Financial Statement (AFS), reporting a net profit of N3.297 trillion for the financial year ending December 2023.

The profit represents a significant 28% increase compared to the N2.548 trillion profit recorded in 2022, marking an impressive year of growth for the company.

Speaking at a world press conference held at the NNPC Towers in Abuja, Chief Financial Officer Mr. Umar Ajiya emphasized that the release of the AFS reflects NNPC’s commitment to transparency and accountability.

“Our fiscal performance is a testament to our strategic foresight and operational resilience. Despite the challenges in our operational and economic environment, we have successfully enhanced both productivity and financial performance,” Ajiya noted.

Ajiya further highlighted that NNPC Ltd’s strong financial results underscore the company’s dedication to sustaining profitability while supporting national energy security, in line with the provisions of the Petroleum Industry Act (PIA) 2021. He also addressed rumors regarding subsidy payments, clarifying that the company is merely managing the shortfall on Premium Motor Spirit (PMS) imports in conjunction with the Federation.

NNPC Ltd. Board Chairman, Chief Pius Akinyelure, attributed the company’s excellent performance to the implementation of the PIA 2021 and the unwavering commitment of the Board, Management, and staff. He confirmed that the shareholders have approved a final dividend of N2.1 trillion, as stipulated by the PIA.

In her remarks, Executive Vice President of Upstream, Mrs. Oritsemeyiwa Eyesan, stated that the company is targeting a crude oil production of 2 million barrels per day by December 2024. This goal is bolstered by recent improvements in combating crude oil theft and pipeline vandalism.

Addressing the ongoing fuel queues in parts of Lagos and the Federal Capital Territory (FCT), Executive Vice President of Downstream, Mr. Dapo Segun, urged Nigerians to remain patient as the company collaborates with relevant stakeholders to resolve distribution, evacuation, and logistics challenges.

NNPC Ltd. has consistently demonstrated a turnaround in its financial performance over the past few years. From a loss of N803 billion in 2018, the company reduced its losses to N1.7 billion in 2019. In 2020, NNPC posted its first-ever profit of N287 billion, which grew to N674.1 billion in 2021, and then to N2.548 trillion in 2022. The N3.297 trillion profit declared for 2023 is the highest in the company’s 46-year history.