Nigeria's NNPC Posts 28% Rise in Annual Net Profit to $2.1 Billion

SEATTLE (Oil Monster):  Nigeria's state oil firm NNPC on Monday posted a 28% rise in annual net profit to 3.297 trillion naira ($2.14 billion) and declared a dividend.

"Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company," Chief Financial Officer Umar Ajiya said.

The NNPC declared a dividend of 2.1 trillion naira and said it would announce its initial public offering plans once shareholders and the board give their approval.

NNPC said it is targeting 2 million barrels per day crude oil production by the end of the year, following improvements in the war against crude oil theft and pipeline vandalism.

Earlier this month, Nigeria's Navy Chief Emmanuel Ikechukwu Ogalla said the Nigeria's oil output had risen to between 1.6 million and 1.7 million barrels per day after the government beefed up security to curb crude theft.

NNPC has grown profitable since 2020 when it posted its first ever profit. It posted a loss in 2018 and 2019 following its transition to a commercial entity, in a move the government has said would deliver profits and accountability.

Courtesy: www.reuters.com