From Uche Usim, Abuja
The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr Mele Kyari, on Tuesday, announced that the board of the national oil company approved its 2021 audited financial statements, showing a profit after tax of N674 billion.
The figure showed an improvement of N387 billion (134.8% year-on-year growth) when compared with the N287 billion profit made in 2020.
Kyari said: “The Group Financial position recorded an increase in Total Assets from N15.86 trillion in 2020 to N16.27 trillion in 2021, while our Total Liabilities decreased by 8.3% from N14.68 trillion in 2020 to N13,46 trillion in 2021.
“Our shareholders’ fund position grew to N2.81trillion, representing 144% year-on-year (YoY).
“The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and product theft among others. We seek to become a dynamic global energy company of choice to our customers, partners, and our over 200 million shareholders comprising all Nigerians”, he explained.
The NNPC GCEO further revealed that its growth began in 2019, after 44 years of loss, as the management rolled out deliberate policies and initiatives aimed at reducing costs and eliminating losses; while adopting technology to entrench Transparency, Accountability, and Performance Excellence (TAPE) across the various functions that support our business operations.
“Since then, we began to see the transformational impact of these policies and initiatives on NNPC’s performance. We have recorded significant improvement in our financial performance over the past three years, turning up the curve, from losses to profits.
“Despite our challenging operating environment, we strongly believe that NNPC has the potential to sustainably deliver better value to its esteemed shareholders,” Kyari added.