The Nigerian National Petroleum Company Limited (NNPCL) has cleared the air over the conflicting figures regarding the 2021 profit margin sequel to the interviews the GCEO had with several TV stations.
The NNPCL Group CEO, Mallam Mele Kyari while on Arise TV’s “The Morning Show” on June 1 2023, among many issues that were trashed arising from the hike in pump price after fuel subsidy removal declaration; the figure N687 trillion was mentioned as the company’s profit after tax figure as against N674 billion contained in the 2021 Annual Financial Statement.
The NNPC Limited in a statement by the Chief Corporate Communications, Garba Deen Mohammad on Friday via its verified Twitter handle, noted that the accurate profit after tax figure for the year 2021 was N674 billion as communicated to the public through its official Twitter account on October 5 2022.
The statement also recalled that in September 2021, former President, Muhammadu Buhari, approved the publication of the 2020 NNPC Group Audit Final Statement in which NNPC declared a profit after tax of N287 billion for the first in its 44 years.
“Despite our challenging operating environment, we strongly believe that NNPC has the potential to sustainably deliver better value to its esteemed stakeholders.
The Board of NNPC Limited has approved 2021 audited financial statements, and NNPC progressed to a new performance level from N287 billion profit in 2020, climbing higher by 134.8 per cent Year-Over-Year (YoY) profit growth.
“The group financial position recorded an increase in Total Asset N15.86 trillion in 2020 to N16.27 trillion in 2021, while our Total Liabilities decreased by 8.3 per cent from 14.68 trillion in 2020 to N13.46 trillion in 2021.
“Our stakeholder’s fund position grew to N2.8 trillion representing 144 per cent YoY growth.
“The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and products theft among others”, said the GCEO.