The Nigerian National Petroleum Company Limited (NNPC Ltd) has declared Profit After Tax of N5.4 trillion from total revenue of N45.1 trillion for the full year ended 2024.
The company’s Chief Corporate Communications Officer, Andy Odeh, disclosed this in a statement on Monday.
“The results, shared during its earnings call with analysts, underscore a year of strong operational delivery,” the company said.
According to Odeh the NNPC also unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030.
He pointed out that the plan prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain.
Some of the key figures for the period are: Revenue: N45.1 Trillion, 88% year-on-year growth; Profit After Tax: N5.4 Trillion, 64% year-on-year growth; and Earnings Per Share: N27.07, 64% year-on-year growth.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Bashir Bayo Ojulari, Group Chief Executive Officer was quoted to have said.
He added that “They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
NNPC Ltd said it is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade.
Some of the key strategic targets include: Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030; Growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration; as well as Mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.
“Our transformation is anchored on transparency, innovation, and disciplined growth. We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” Ojulari added.
