The Nigerian National Petroleum Company Limited (NNPCL) has released its financial results for the full year 2024, posting a profit after tax of N5.4 trillion on revenue of N45.1 trillion. This represents an 88% year-on-year increase in revenue and a 64% rise in profit after tax. The company’s earnings per share stood at N27.07, also marking a 64% year-on-year growth.
The significant increase in revenue and profit can be attributed to the company’s ongoing transformation and commitment to transparency, innovation, and disciplined growth. NNPCL’s Chief Corporate Communications Officer, Andy Odey, disclosed the financial performance in a statement, highlighting the company’s strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030.
The roadmap prioritizes increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain. According to Bashir Bayo Ojulari, Group Chief Executive Officer, the earnings demonstrate the positive momentum of the company’s transformation and its commitment to delivering value to Nigerians. Ojulari emphasized that the company is positioning itself as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.
The financial results and strategic roadmap are in line with President Bola Ahmed Tinubu’s mandate, which aims to drive economic growth and development in Nigeria. The company’s focus on transparency, innovation, and disciplined growth is expected to have a positive impact on the country’s energy sector and economy as a whole.
The NNPCL’s financial performance and strategic plans are significant, given the company’s role as a state-owned oil firm and its contribution to Nigeria’s economy. The company’s commitment to delivering value to Nigerians and its efforts to drive sustained growth and support the country’s energy transition are crucial for the country’s economic development and energy security. As the company moves forward with its strategic roadmap, it is likely to play an increasingly important role in shaping Nigeria’s energy future and contributing to the country’s economic growth.