NNPC Ltd declares profit of N674bn after tax

The Nigerian National Petroleum Corporation Limited has declared a profit of N674bn after tax for the year 2021.

The NNPC announced the results on Tuesday via its Twitter handle

According to NNPCL, the Board has approved the audited financial statements for 2021. The Group Managing Director, Mele Kyari, was quoted as saying; “NNPCL has progressed to a new performance level, from N287bn profit in 2020 to N674bn profit after tax in 2021, climbing higher by 134.8% year-on-year profit growth.”

It will be recalled that NNPC Limited acquired OVH Energy, to become the biggest downstream company in Africa.

Acquired assets include a reception jetty with 240,000 metric tons monthly capacity, 8 liquefied petroleum gas plants, 3 lube blending plants, 3 aviation depots, and 12 warehouses.