KEY POINTS
- NNPCL recorded a profit after tax of N5.4 trillion for 2024, up from N2.2 trillion in 2023.
- Revenue rose sharply to N45.1 trillion, helped by the floating of the naira and operational reforms.
- The company says it is now financially stronger and ready to support major national energy projects.
The Nigerian National Petroleum Company Limited, NNPCL, has reported another year of sharp financial growth, declaring a profit after tax of N5.4 trillion for 2024, more than double what it posted in the previous year.
The latest figures were presented in Abuja by the Group Chief Executive Officer of the NNPCL, Engr. Bashir Bayo Ojulari, during a media briefing on the company’s audited financials.
Ojulari said the state-owned energy firm closed the year with N45.1 trillion in revenue, a jump from N23.9 trillion in 2023, marking one of the strongest performances since its transition into a commercial entity.
He noted that earnings per share rose to N27.07, while total dividends climbed to N4.3 trillion.
The GCEO attributed the turnaround largely to foreign exchange reforms introduced by the Federal Government, particularly the floating of the naira, which significantly altered the company’s reporting landscape and boosted the value of its dollar-linked assets and operations.
Operational gains and policy shifts drive stronger margins across the oil firm’s portfolio
Speaking on the broader operating environment, Ojulari said the NNPCL benefited from a mix of internal cost discipline and sector-wide reforms.
Improvements in logistics, refining, and downstream operations helped to expand margins, while ongoing restructuring across the domestic fuel market created new efficiencies that fed into the year-end results.
He said NNPCL’s financial capacity now puts it in a stronger position to drive key national energy projects, including upgrades to infrastructure and expansion into new ventures. The 2024 performance, he added, demonstrates that the company’s shift to a commercially minded organisation is beginning to show measurable results.
Ojulari stressed that the business has never been “stronger or better positioned for tomorrow”, pointing to a more coordinated asset management approach and intensified oversight of high-loss segments. Rising crude prices and improved production volumes in parts of the Niger Delta also supported the improved showing.
More details on the breakdown of cost savings, investment plans and operational targets are expected as NNPCL prepares to release the full documentation of its annual report.
