By Tosin Ogunrinde
The Nigerian National Petroleum Company Limited (NNPC) has announced a staggering profit after tax of N5.4 trillion for the 2024 financial year, marking a significant 64% increase from the N3.3 trillion recorded in 2023. This impressive growth is attributed to enhanced operational efficiency, reforms, and cost discipline, as well as favorable market conditions across the company’s upstream, midstream, and downstream segments.
NNPC’s revenue also saw a substantial surge, rising to N45.1 trillion in 2024, representing an 88% year-on-year increase. The company’s earnings per share stood at N27.07, reflecting a 64% year-on-year growth. According to NNPC Group CEO, Bayo Ojulari, the company’s financial performance demonstrates its ongoing transformation and commitment to delivering value to Nigerians.
The company’s strong financial position is expected to support its ambitious growth plans, including increasing crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. NNPC also aims to grow its natural gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030.
Ojulari attributed the company’s success to its focus on transparency, innovation, and disciplined growth. He emphasized that NNPC’s transformation is anchored on these principles, enabling the company to position itself as a globally competitive energy company. The company’s strategic roadmap includes mobilizing $60 billion in investments across the energy value chain by 2030.
NNPC’s profitability streak began in 2020, when it posted its first-ever profit of N287 billion. Since then, the company has consistently recorded significant profits, with N674 billion in 2021 and N2.5 trillion in 2022. The company’s latest financial results underscore its commitment to sustained growth and energy security.
The company’s achievements are a testament to its dedication to operational excellence and its role in powering Nigeria’s energy future. As NNPC continues to drive growth and innovation, it remains committed to delivering value to its stakeholders and contributing to the country’s economic development.
Overall, NNPC’s impressive financial performance reflects its resilience and adaptability in a rapidly changing energy landscape. With its strong foundation and strategic vision, the company is well-positioned to navigate the challenges and opportunities ahead.
