Amid Dangote crisis, NNPC declares N3.3trn profit for 2023

In the fiscal year 2023, the Nigerian National Petroleum Company (NNPC) Limited reported a profit of N3.3 trillion.

Pius Akinyelure, the chairman of the NNPC board, addressed the media during a briefing on the company’s 2023 audited financial statements on Monday.

Akinyelure said the profit increased by N749 billion compared to the N2.54 trillion posted in the 2022 financial period.

NNPC’s revenue also increased to N24 trillion in 2023, from N8.81 trillion, according to the NNPC board chairman.

He said the company declared a dividend of N2.1 trillion to its shareholders in 2023.

In 2018, the state-owned oil company posted a loss of N803 billion and N1.7 billion in 2019.

Reversing the deficit, in 2020, NNPC posted a profit of N287 billion, progressing to record another N674.1 billion profit in 2021.

In 2022, NNPC said it raked in a profit of N2.54 trillion at the close of the financial year.