The Nigerian National Petroleum Company (NNPC) Limited has declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023.
This indicated an increase of N700 billion or 28 per cent compared to the 2022 profit of N2.548 trillion.
The NNPC announced the release of its 2023 Audited Financial Statement (AFS) in Abuja on Monday, saying it was targeting 2mbpd crude oil production by December 2024.
Chief financial officer of the company, Umar Ajiya, who made these, said the NNPC Ltd will announce Initial Public Offer (IPO) once the shareholders and Board make a decision.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
He added that the results demonstrated NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the oil company’s shareholders.
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