• About
  • Advertise
  • Contact
Sunday, July 6, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

NNPCL Declares N674bln Profit

Vital News by Vital News
October 4, 2022
in Oil & Gas
0
Share on FacebookShare on Twitter

Abuja – Amidst the challenging operating environment which has tested the resilience of institutions and businesses globally, the Nigerian National Petroleum Company Ltd has continued to weather the storm by posting its second consecutive year of profit of N674.1billion in the 2021 financial period.

Announcing the result on Tuesday in Abuja, the NNPC Group Chief Executive Officer, Mele Kyari, said, “Today I’m happy to announce that the Board of NNPC has approved 2021 audited financial statements and NNPC has progressed to a new performance level,from N287billion profit in 2020 to N674billion profit after tax in 2021,climbing higher by 134.8% YoY profit growth.”

In spite of a tough and volatile operating environment, the NNPC Group’s investment strategy proved resilient and enabled the National Oil Company to deliver favourable outcomes as shown by the 2021 financial statement.

For instance, the NNPC Group which became a CAMA Company in 2021 following the implementation of the Petroleum Industry Act, grew its profit from N287billion in 2020 to N674billion in 2021.

The NNPC’s Group Account was audited by PriceWaterhouseCoopers, SIAO, and Muntari Dangana Accounting Firms.

RelatedStories

IMF Raises Alarm Over Lack Of Transparency In Oil Revenue Remittance By NNPCL

Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre

$2.8billion AKK Gas Pipeline Project Crosses River Niger – NNPCL

Experts Laud Dangote Refinery On Deployment Of 4,000 CNG Trucks For Free Distribution Of Petrol, Diesel

The N674billion profit posted by the NNPC Group in the 2021 financial period represents an increase of N387bn or 134.8 per cent when compared to the N287billion recorded in 2020.

The 2021 financial year made it the fourth consecutive years that the NNPC will be making its Audited Financial Statement public. This was one of the innovations made by Kyari when he took over the helms of affairs of the National Oil Company.

In 2018 when the NNPC first made public its Audited Financial Statement, it made a loss of N803.9bn.

Three components were responsible for the poor and worse performance of the Group ever. They were increase in cost of sales, specifically increase in crude cost; increase in the general and admin expense which almost doubled from N474billion to N894billion; and increase in impairment of receivables and other assets in the year by almost 300 per cent.

In 2019 when the NNPC Group Audited Account was released, the loss position had reduced to just N2.3billion.

But with the reforms implemented by the NNPC Boss, the loss position was reversed in the 2020 financial period when the NNPC posted its first profit in 44 years of N287billion.
(Energy Times)

Tags: declareNNPCOilProfit
Previous Post

Foundation Plans To Re-enroll Out-of-school Children In FCT

Next Post

Floods Submerge More Communities In Kogi, Death Toll Rises To 9

Vital News

Vital News

RelatedStories

IMF Raises Alarm Over Lack Of Transparency In Oil Revenue Remittance By NNPCL
News

IMF Raises Alarm Over Lack Of Transparency In Oil Revenue Remittance By NNPCL

July 3, 2025
Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre
Oil & Gas

Dangote Refinery Slashes Ex-depot Price Of Petrol From N880 To N840 per litre

July 2, 2025
NNPCL Unveils New Senior Management Team
Oil & Gas

$2.8billion AKK Gas Pipeline Project Crosses River Niger – NNPCL

July 1, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Experts Laud Dangote Refinery On Deployment Of 4,000 CNG Trucks For Free Distribution Of Petrol, Diesel

July 1, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15

June 29, 2025
Next Post

Floods Submerge More Communities In Kogi, Death Toll Rises To 9

CONUA Vows To End Disruption Of Academic Activities In Universities

Doyin & Susan Foundation Distributes Foodstuffs To 300 Women In Kogi

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

NDLEA Arrests Four Members Of Trans-border Drug Trafficking Syndicate

NDLEA Arrests Four Members Of Trans-border Drug Trafficking Syndicate

5 months ago
Commonwealth Games : Nigeria Holds Drug-abuse Seminar For Secondary School Students

Gumel Seeks Collective Action Against Drug Use, Abuse Among Youths

4 months ago

Good night, Iku Baba Yeye, Makinde says as he mourns Alafin Adeyemi

3 years ago

Four Teenagers Drown At Lagos Beach While Celebrating WAEC Results

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC

Ahead 17th BRICS Summit, President Tinubu Arrives In Rio De Janeiro

President Tinubu Celebrates Olubadan, Oba Owolabi Akinloye Olakulehin @90

FIFTY YEARS OF GOWON’S OVERTHROW BY ERIC TENIOLA

Court Orders Senate To Recall Natasha From Six-Month Suspension

Court Finds Natasha Guilty Of Contempt, To Pay N5mln Fine, Publish Apology In Two National Dailes

Trending

President Tinubu Mourns Passing Of Peter Rufai
Football

CAF President Mourns Peter Rufai, Says Dodo Mayana Will Forever Live In Our Hearts

by Vital News
July 5, 2025
0

The President of the Confédération Africaine de Football (CAF), Dr Patrice Motsepe, has paid emotional tribute on...

Protest As Imam Was Caught Raping  8-Year-Old Girl Inside Osun Mosque

Protest As Imam Was Caught Raping 8-Year-Old Girl Inside Osun Mosque

July 5, 2025
FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund

FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund

July 5, 2025
Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC

Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC

July 5, 2025
President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector

Ahead 17th BRICS Summit, President Tinubu Arrives In Rio De Janeiro

July 5, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • CAF President Mourns Peter Rufai, Says Dodo Mayana Will Forever Live In Our Hearts July 5, 2025
  • Protest As Imam Was Caught Raping 8-Year-Old Girl Inside Osun Mosque July 5, 2025
  • FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund July 5, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In