Uche Usim, Abuja
Nigerian Gas Marketing Company (NGMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) on Friday declared a profit after tax of ₦12,476,685,000 for the year ended 31 December 2018.
The company made the disclosure in Abuja at its Annual General Meeting on Friday.
Speaking at the event, the Group Managing Director of NNPC, Dr. Maikanti Baru, who doubles as the Chairman of the NGMC Board of Directors, said the company’s performance was impressive, even as it has to grapple with some operational challenges, especially pipeline vandalism.
The GMD who was represented by the Chief Operating Officer (COO), Gas and Power, Engr. Seidu Mohammed, said the company would do everything to sustain the impressive performance, adding that: “We have to expand our portfolio, we are going into the West African market to position ourselves as the best marketer of gas in the sub-region”.
He stated that NGMC had already signed contracts with some companies in the Republic of Benin.
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On his part, Managing Director of NGMC, Engr. Mohammad Barau, attributed the company’s impressive performance to the support given to it by the NNPC Management which helped to resolve some of its challenges and motivated the company to embark on an aggressive drive for customers, resulting in increased earnings.
The company’s total revenue for the year 2018 was ₦243.630billion compared to ₦275.162billion for 2017.
The decline in revenue was attributed to the move by the electric power generating companies to purchase gas directly from gas producers since June 2018.
The NGMC is mainly engaged in sourcing, marketing and distribution of natural gas to major industrial users and utility companies in Nigeria and the West Africa sub-region.