The Nigerian National Petroleum Company Limited has declared a profit after tax of N5.4tn for the financial year ended 2024, marking one of its strongest performances since its transition into a limited liability company.
The Group Chief Executive Officer of NNPCL, Bayo Ojulari, announced the financial results during a press briefing on Monday in Abuja. The latest figures represent a sharp improvement from the 2023 financial year, when the company posted a Profit After Tax of N3.297tn.
The 2024 profit reflects a 64 per cent year-on-year increase, signalling the impact of higher production volumes, cost-cutting measures, and enhanced operational efficiency across its assets.