The Nigerian National Petroleum Company Limited (NNPCL) has posted a profit after tax of N5.4 trillion for the 2024 financial year, marking one of its strongest performances since its transformation into a limited liability company.
The Group Chief Executive Officer, Bayo Ojulari, announced the results on Monday during a press briefing in Abuja, noting that the profit represents a 64 per cent increase from the N3.297 trillion recorded in 2023.
NNPCL also reported revenue of N45.1 trillion, reflecting an 88 per cent year-on-year growth. The gains, Ojulari said, were driven by higher production volumes, cost-cutting measures, and improved operational efficiency across the company’s upstream, midstream, and downstream segments.
He highlighted that earnings per share rose to N27.07, also a 64 per cent increase compared to the previous year.
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“The 2024 financial results we unveiled today are more than balance sheets and performance indicators. They embody discipline, progress, and the dedication of our teams nationwide,” Ojulari said.
The CEO attributed the performance to cost optimisation, enhanced production, and favourable market conditions, underscoring that NNPCL is well-positioned for continued growth.
The company’s robust financial results signal the positive momentum of its ongoing transformation drive and the impact of market reforms in the energy sector.