The Nigerian National Petroleum Company (NNPC) Limited has announced a profit of N3.3 trillion for the 2023 fiscal year.
This was revealed by Pius Akinyelure, chairman of the NNPC board, during a media briefing on the company’s 2023 audited financial statements.
According to Akinyelure, the profit represents an increase of N749 billion compared to the N2.54 trillion recorded in the 2022 financial period.
Additionally, NNPC’s revenue rose to N24 trillion in 2023, up from N8.81 trillion in the previous year.
The company has declared a dividend of N2.1 trillion to its shareholders for 2023.
This marks a significant turnaround for the state-owned oil company, which posted losses of N803 billion in 2018 and N1.7 billion in 2019.
However, NNPC has since reversed this trend, recording profits of N287 billion in 2020, N674.1 billion in 2021, and N2.54 trillion in 2022.
