The year 2023 was a great one for the Nigerian National Petroleum Company Limited (NNPC), recording profit for the year in trillions of naira for the second time in a row.
The state-owned oil company had ₦3.30 trillion in profit, up from ₦2.5 trillion a year before. Most of the the group's figures for the year recorded more than 100% increase except for the likes of profit and interest in subsidiaries which had 30.67% and 84%, respectively.
The group's gross profit increased by 233%, with the biggest percentage increase (710%) recorded by its current assets.
Revenue from sales of utilised crude during the year accounted for 58.7% of total revenue, followed by revenue from sales of Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK), and Automotive Gasoline Oil with 29.8%. Revenue from natural gas, power, and services accounted for the rest.
NNPC did ₦6.8 trillion in profit in four years.
