- Safiu Kehinde
The Nigerian National Petroleum Company (NNPC) Limited has recorded N5.4 trillion Profit After Tax on a revenue of N45.1 trillion in its financial performance for the year 2024.
This was made known in a statement issued on Monday by the NNPC’s Chief Corporate Communications Officer, Andy Odeh.
According to Odeh, the fiscal report indicated that N45.1 trillion recorded revenue represented an 88% year-on-year growth while the N5.4 Trillion Profit After Tax marked a 64% year-on-year growth
In the same vein, earnings per share stood at N27.07 which also represented 64% year-on-year growth
The NNPC maintained that the results, shared during its earnings call with analysts, underscored a year of strong operational delivery.
In his remark, the NNPC Group Chief Executive Officer, Bayo Ojulari, held that the development highlighted the company’s ongoing transformation and commitment to its workforce.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,
“They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.” Ojulari said.
Building on this performance, the NNPC unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030.
The plan, according to the statement, prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain.
With its plan to accelerate investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. NNPC eyed increase in crude oil production to two million barrels per day (bpd) by 2027 and three million bpd by 2030.
It also sought to grow natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.
Also, the NNPC announced plan to mobilise $60 billion in investments across the upstream, midstream, and downstream sectors by 2030 with Ojulari labelling it as a transformation aimed at ensuring that the company is capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
“Our transformation is anchored on transparency, innovation, and disciplined growth,
“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.” He added.