- The new profit margin figure tripled the amount recorded by the oil firm in 2021, growing to N674.1 billion
The Nigerian National Petroleum Company Limited says it made a profit of N2.548 trillion in 2022.
The oil giant disclosed this on Tuesday, describing it as the highest profit since inception.
The new profit margin figure tripled the amount recorded by the oil firm in 2021, growing to N674.1 billion.
It said this was “assurance,” adding that the profit continued to rise, hitting N2.548 trillion in 2022.
Recall that in November last year, the Group Chief Executive Officer of NNPCL, Mele Kyari, said the company was expecting over N2 trillion in corporate profit after the release of its Annual Financial Statement for 2022.
Kyari noted that with the passage of the Petroleum Industry Act 2021, NNPCL’s profitability margins had significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.
“Kyari noted that NNPCL is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements are released, adding that since July this year, the company has started paying dividends to its shareholders,” the statement stated.