Over N674 billion has been declared as profit after tax for 2021 by the Nigerian National Petroleum Corporation (NNPC) Limited, which recently acquired Oando retail business, OVH Energy Marketing.
The net profit rose by 134.8 per cent year-on-year growth from N287 billion recorded in 2020 to N674 billion profit after tax in 2021. The Group Managing Director, Mele Kyari, said the result is a sign of progress to a new performance level.
In a statement released on Twitter, NNPC Limited boss said, “NNPCL has progressed to a new performance level, from N287bn profit in 2020 to N674bn profit after tax in 2021, climbing higher by 134.8% year-on-year profit growth.”
This comes at a time NNPC Limited acquired OVH Energy Marketing which will be merged with NNPC Retail Limited. This will make NNPC Limited the biggest downstream company in Africa, and increases the fuel stations under the firm.
Following the acquisition, the chief executive officer of OVH Energy, Huub Stokman said, “This acquisition by NNPC Limited comes at a critical time in the Nigerian energy sector given the overhaul of the petroleum laws, with the recent enactment of the PIA, the continuing increased demand for petroleum products, and particularly the deliberate efforts to increase and improve the supply and consumption of natural gas in support of our energy transition goals.”