NNPC Declares ₦5.4tn Profit After Tax

NNPC Limited has announced its financial performance for the full year ended 2024, reporting a Profit After Tax of ₦5.4 trillion on revenue of ₦45.1 trillion. The results, shared during its earnings call with analysts, underscore a year of strong operational delivery.

Building on this performance, the Company unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030. The plan prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain.

2024 Financial Highlights

NNPC Limited’s results demonstrate strengthened financial resilience and enhanced operational efficiency:

  • Revenue: ₦1 Trillion, 88% year-on-year growth
  • Profit After Tax: ₦4 Trillion, 64% year-on-year growth
  • Earnings Per Share: ₦07, 64% year-on-year growth

“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Bashir Bayo Ojulari, Group Chief Executive Officer. “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.”

A Roadmap for Sustained Growth and Energy Security

NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include:

  • Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
  • Growing 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.
  • Mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

NNPC Limited is Nigeria’s leading oil and gas company. Founded in 1977, the organisation underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021.

Today, NNPC Limited plays a pivotal role across the entire oil and gas value chain, from exploration and production to refining and distribution, driving growth and energy security for Nigeria and the continent.

 

 

spot_img
spot_img
spot_img
spot_img
spot_img

Hot this week

FSI, NCC Empower Female Students in Northern Nigeria with Digital Skills, 15 Selected for Industry Internships

  Eight-week Fundamentals of Software Testing programme attracts 590...

NAICOM Chief, Segun Omosehin, Senator Abiru Inducted as Fellows of NCRIB

L–R: Mr. Olusegun Ayo Omosehin, Commissioner for Insurance; Mrs....

Polaris Bank Deepens Sustainability Commitment with Tree Planting at Lekki Conservation Centre

L-R: Mr. Uchenna Achunine, Director Business Dev & Partnership...

NAICOM: Brokers Remain Key Stakeholders in Insurance Growth, Penetration in Nigeria

L–R: Mrs. Ekeoma Ezeibe, FCIB, President of the Nigerian...

PRESIDENCY RESPONDS TO GOVERNOR MAKINDE’S CLAIM ON NLNG DIVIDENDS

The Presidency wishes to clarify Governor Seyi Makinde’s claim...

Topics

Sovereign Trust Insurance Holds 29th AGM in Lagos

The Chairman of Sovereign Trust Insurance Plc, Oluseun O....

Jonathan, Attah, Others Win Champions of Nigerian Content Awards 

Champions of Nigerian Content Awards:  Former President, Federal Republic...

Nigerian Healthcare Excellence Award (NHEA) 2024 Nominations Now Open!

The Nigerian Healthcare Excellence Award (NHEA) is thrilled to...

Will Insurance Cushion Coronavirus Losses? 

A report by Bloomberg says the world should not...

SanlamAllianz Targets 27 African Markets for Insurance, Financial Services

Sanlam, Africa’s largest non-banking financial services provider, and Allianz,...

African Capital Markets Facing Challenging Times Ahead

In line with global trends, 2015 was a challenging...

Shell Appoints Elohor Aiboni as Executive VP, Country Chair Nigeria

Elohor Aiboni The incoming Executive Vice-President and Country Chair Shell Companies...

CBN Targets N500-to-Dollar Exchange Rate

The Central Bank of Nigeria is subtly pushing...
spot_img

Related Articles

Popular Categories

spot_imgspot_img