By Emmanuella Anokam
The Nigerian Nationwide Petroleum Firm Restricted (NNPC Ltd.) has declared a Revenue After Tax (PAT) of N5.4 trillion on a income of N45.1 trillion for its monetary efficiency for 2024.
This represents a 64 per cent improve from N3.3 trillion PAT recorded in 2023.
Mr Bashir Ojulari, Group Chief Govt Officer, NNPC Ltd. disclosed this on Monday in Abuja whereas briefing newsmen on its 2024 Monetary Highlights.
Ojulari stated the outcomes, which have been launched throughout an earnings name with analysts, have been pushed by a income surge to N45.1 trillion, representing 88 per cent year-on-year improve.
Ojulari disclosed a 64 per cent rise in PAT, whereas earnings per share climbed to N27.07, underscoring strengthened monetary resilience and improved operational efficiencies.
“The earnings spotlight the constructive momentum of our ongoing transformation and the unwavering dedication of our workforce.
“They supply a stable basis for the formidable development forward, consistent with President Bola Tinubu’s mandate, and reaffirm our dedication to delivering worth to Nigerians,” he stated.
Ojulari stated the result was propelled by a number of vital drivers, together with enhanced operational effectivity throughout its belongings, the constructive impression of downstream market reforms, and our unwavering dedication to value self-discipline.
The GCEO stated whereas constructing on its 2024 efficiency, the NNPC Restricted unveiled a strategic roadmap designed to maintain development, bolster power safety, and help Nigeria’s power transition by 2030.
“The plan prioritises elevated oil and fuel manufacturing and descriptions a 60 billion {dollars} funding in pipeline throughout the power worth chain,” he added.
Ojulari, whereas talking on roadmap for sustained development and power safety, stated it was accelerating investments throughout upstream operations, fuel infrastructure, and clear power to increase development into the subsequent decade.
He listed key strategic targets to incorporate: growing crude oil manufacturing to 2 million barrels per day (bpd) by 2027 and three million bpd by 2030.
In line with him, it’s reviewing technical and industrial viability of the refineries to strengthen home power safety.
He stated it was concentrating on to develop pure fuel manufacturing to 10 billion cubic ft per day (bcf/d) by 2027 and 12 bcf/d by 2030 and finishing main fuel infrastructure initiatives.
He listed the initiatives as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen home provide and regional integration.
“Our transformation is anchored on transparency, innovation, and disciplined development.
“We’re positioning NNPC Restricted as a globally aggressive power firm able to delivering sustainable returns whereas powering the way forward for Nigeria and Africa,” he stated.
NNPC Restricted, Nigeria’s main oil and fuel firm based in 1977 underwent a significant transformation in July 2022, turning into a totally industrial and profit-driven entity below the Petroleum Trade Act (PIA) of 2021. (NAN)
Edited by Bashir Rabe Mani
