Nigerian National Petroleum Company (NNPC) Limited has disclosed that it closed the 2024 financial year with a profit after tax of N5.4 trillion, marking a sharp rise from the N3.3 trillion posted in 2023.
Gatekeepers News reports that Bayo Ojulari, group chief executive officer of the NNPC board, made the announcement while presenting the company’s 2024 audited financial statements.
According to him, the latest profit reflects a 64 percent growth, driven largely by stronger operational performance across the company’s business segments.
He added that NNPC’s revenue climbed to N45.1 trillion in 2024, an 88 percent year-on-year increase, while earnings per share stood at N27.07 for the period under review.
Ojulari also disclosed that crude oil output for the year totalled 202.3 million barrels, with gas production reaching 1.04 billion standard cubic feet. He noted that NNPC’s retail footprint grew to 1,096 outlets nationwide, further strengthening its downstream presence.
He said, “To provide that context, let me briefly underscore what these results signify. In 2024, NNPC Limited achieved profit after tax of N5.4 trillion, supported by a N45.1 trillion in revenue.”
“This outcome was prepared by several critical drivers. Enhancing operational efficiency across all our businesses, the positive impact on our downstream markets, reforms and our unveiling commitment to cost discipline.”
“Financially, we have never been stronger or better positioned for tomorrow. It’s important to also say here, and I know some of these questions will come, that the journey started from the 2021 when the PIA was unleashed.”
Ojulari noted that NNPC aims to scale crude oil production to 3 million barrels per day by 2030 and expand gas output to 12 billion standard cubic feet daily within the same timeline.
