The floating of local currency, the naira by the Central Bank of Nigeria (CBN) in 2023 boosted the revenue profile of the Nigerian National Petroleum Company Limited (NNPL), with state oil firm recording Profit After Tax( PAT) of ₦5.4 trillion on revenue of ₦45.1 trillion in 2024 financial operations.
The firm’ Group Chief Executive Officer/ Executive Director Bashir Bayo Ojulari disclosed the figures on Monday in Abuja at the presentation of 2024 annual financial report and road map for future investment plans .
The N45K.1 trillion revenue represents 88% year-on-year growth while N5.4 trillion PAT represents 64% year-on-year growth on strong earnings per share of N27.07 representing 64% year-on-year growth.
Mr. Ojulari justified the feat achieved in 2024 on a number of fundamentals.
“A couple of fundamentals I think add to 2024 , I mean it had one unique peculiarity, It’s a good peculiarity. The year has something we need to make a note of. You recall the CBN’s regulation of floating the naira. So that the floating of the naira boosted our profits”
