The Nigerian National Petroleum Company NNPC Limited (NNPL) on Tuesday declared N674 billion Profit After Tax for the year that ended December 31, 2021.
Its Group Chief Executive Officer, Malam Mele Kyari disclosed this at a briefing in Abuja.
He said the profit rose 134.8% from the N287billion recorded in 2020.
“Today I am happy to announce that the Board of NNPC Limited has approved 2021 audited financial statements, and NNPC has progressed to a new performance level, from 287Billion Naira profit in 2020 to a 674Billion Naira profit after tax in 2021, climbing higher by 134.8% YoY profit growth,” he said.
He recalled that in September 2021, President Muhammadu Buhari graciously approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of N287 billion for the first time in its 44-year operation.
He noted that despite the company’s challenging operating environment, his team strongly believes that NNPC has the potential to sustainably deliver better value to its esteemed shareholders.
Kyari said the Group’s financial position recorded an increase in total assets from N15.86trillion in 2020 to N16.27triillion in 2021, while total liabilities decreased by 8.3% from N14.68trillion in 2020 to N13,46trillion in 2021.