NNPC set to post over N674bn profit, far behind Saudi Aramco’s $161.1 billion

NNPC set to post over N674bn profit, far behind Saudi Aramco’s $161.1 billion

The Chief Corporate Communications Officer of the Nigerian National Petroleum Company (NNPC) Limited, Garba-Deen Mohammad, has said the oil firm expects to surpass its 2021 net profit in the financial period of 2022.

NNPC had reported its profit in 2020 was N287 billion, a year after, the oil corporation saw its bottom line rise to N674 billion.

The state-run organisation has projected that its financials for 2022 will improve on the N674 billion profit recorded in 2021, media reports on Friday disclosed.

Mohammad made this known during a sensitisation workshop organised by NNPC in Abuja for the National Association of Nigerian Students.

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At the event themed; “Understanding the NNPC Limited Post-PIA” (Petroleum Industry Act), Mohammad said: “NNPC has declared profits consecutively for two years, in 2020 and 2021. In 2020, it was N287bn, up from a loss of N800bn. The N287bn profit moved up to N674bn in 2021 and by the time the figures are out for 2022, this profit margin stands a chance of going up.

“And this is what goes into the federation through taxes. That is how the governors get money to pay salaries, because NNPCL does not have to release money to the Federation Account. But it will pay royalties, taxes, etc,” he stated.

During the same year in 2022, Saudi Arabia’s oil firm, Aramco, recorded annual net profit of $161.1 billion. Its Free cash flow hit a record of $148.5 billion last year, improving on the $107.5 billion reported for 2021.


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