Nigeria Nationwide Petroleum Co. Ltd. (NNPC) on Tuesday reported NGN 3.297 trillion ($2.1 billion) in web earnings for 2023, the nationwide oil and gasoline firm’s highest in its historical past.
“Our fiscal efficiency displays each strategic foresight and operational resilience”, chief monetary officer Umar Ajiya advised a press convention in Abuja, as quoted in an organization assertion. “Regardless of inherent challenges of our operational and financial atmosphere, we’ve got improved the productiveness and the monetary efficiency of this nice firm”.
The determine represents a 28 p.c improve from 2022. NNPC solely grew to become worthwhile for the primary time in 2020. The corporate was shaped 1977.
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NNPC beforehand stated the top of a pricey gasoline subsidy program final yr set the stage for sustained profitability. In his inaugural deal with Could, 29, 2023, President Bola Ahmed Tinubu introduced an finish to the gasoline subsidy as a part of efforts to lighten monetary burdens on the federal government. Nonetheless, in response to rising dwelling prices, the federal government partly reimplemented the subsidy, based on an Worldwide Financial Fund financing evaluation report February 9, 2024.
NNPC posted NGN 11.6 trillion ($7.3 billion) in money from operations for 2023, whereas money deductions included over NGN 497 billion ($312.6 million) in earnings tax, based on the audited monetary report on the corporate’s web site.
It logged NGN 172.6 trillion ($108.6 billion) in present property together with NGN 7.7 trillion ($4.8 billion) in money and money equivalents. In the meantime NNPC’s present liabilities as of the top of 2023 totaled NGN 173.8 trillion ($109.3 billion), of which NGN 163.7 trillion ($103 billion) was labeled “commerce and different payables” and NGN 5.2 trillion ($3.3 billion) comprised present tax dues.
Earlier NNPC denied it owed $6.8 billion to worldwide merchants. “Within the oil buying and selling enterprise, transactions are carried out on credit score, and so it’s regular to owe at one level or the opposite”, it stated in a press release August 18 on social media platform X. “However NNPC Ltd., by means of its subsidiary, NNPC Buying and selling, has many open commerce credit score strains from a number of merchants. The corporate is paying its obligations of associated invoices on a first-in-first-out foundation”.
The assertion additionally denied that NNPC had didn’t remit income to the state from January.
Over unrelated claims, NNPC has been sued by a native non-governmental accountability watchdog for allegedly failing to remit billions of oil cash to the state. The case by the Socioeconomic Rights and Accountability Undertaking (SERAP) earlier than the Federal Excessive Courtroom in Abuja is predicated on a 2020 report by Nigeria’s auditor-general about $2 billion and NGN164 billion ($103.1 million) lacking revenues, SERAP stated in a press release April 28.
Final June it denied inflating its claims for gasoline subsidy by NGN 3.3 trillion ($2.1 billion). NNPC “on a number of events, independently invited exterior auditors to assessment its books”, it stated in a press release June 10.
In the meantime the corporate is aiming to succeed in a median of two million barrels per day in crude oil manufacturing by the top of the yr, assured of the crackdown on oil theft and pipeline vandalism, NNPC government vice chairman Oritsemeyiwa Eyesan stated at Tuesday’s press convention.
NNPC put onstream a number of manufacturing tasks just lately.
NNPC stated Could 12, 2024, it had began manufacturing at Oil Mining Lease (OML) 13 within the Niger Delta. OML 13 began up at a charge of 6,000 barrels of oil per day (bopd), anticipated to extend to 40,000 bopd earlier than the top of Could.
Earlier NNPC stated it had put on-line the Madu discipline and restarted manufacturing within the Awoba discipline, including a mixed 32,000 bpd to Nigeria’s output capability. Each are additionally within the Niger Delta.
Madu is anticipated to common 20,000 bpd, NNPC stated in a information launch April 19. In the meantime, Awoba restarted manufacturing at an preliminary charge of 8,000 bpd, anticipated to scale as much as as a lot as 12,000 bpd inside a couple of weeks, NNPC stated April 23.
On the corporate’s transition right into a publicly owned enterprise, Ajiya, the chief monetary officer, indicated at Tuesday’s press convention that NNPC’s board and traders had but to decide.
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