The Nigerian National Petroleum Company Limited has declared a profit after tax of N5.4tn for the financial year ended 2024, marking one of its strongest performances since its transition into a limited liability company.
The Group Chief Executive Officer of NNPCL, Bayo Ojulari, announced the financial results during a press briefing on Monday in Abuja. The latest figures represent a sharp improvement from the 2023 financial year, when the company posted a Profit After Tax of N3.297tn.
The 2024 profit reflects a 64 per cent year-on-year increase, signalling the impact of higher production volumes, cost-cutting measures, and enhanced operational efficiency across its assets.
Reports has it that NNPC Limited’s latest results extend a remarkable profitability streak that began in 2020, when the company recorded its first-ever profit of N287bn, rising to N674bn in 2021 and N2.5tn in 2022.
Presenting the results, Ojulari said the state-owned energy giant also recorded N45.1tn in revenue, representing 88 per cent year-on-year growth. He said stability in the foreign exchange market, following the floating of the naira by the Central Bank of Nigeria, boosted the profitability of the national oil company.
However, an analysis of the group’s foreign exchange earnings showed a near halving in 2024, falling to N8.365 billion from N15.95 billion in 2023, representing a 47.6 per cent decline, according to the released financial statement.
The GCEO said the performance demonstrated the “positive momentum” of the organisation’s ongoing transformation drive, driven largely by operational discipline and market reforms.
