NNPC Limited's profit margin at 13.7% from a ₦23.99tr revenue in 2023

By
·
September 9, 2024

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.

Author:
Yinka Awosanya
Mobile & African Tech Enthusiast │ Data │ Music
Find me on:
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form

A product of Techpoint Africa. All rights reserved