NNPC aims to hit N300bn profit by end of 2021financial year

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All things being equal, the Nigerian National Petroleum Corporation (NNPC) is aiming to hit N300bn profit by the end of the 2021 financial year, Group Executive Director, Finance and Account, NNPC, Umar Ajiya, has hinted.

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Giving the hint on Arise TV interview, Friday, Ajiya said so far, NNPC has hit a profit level of N200bn as at the end of June 2021, adding that, with the Corporation’s various radical measures targeted at operations optimization, the profit level will surely hit N300bn by the end of 2021 financial year.

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Some of these measures, he said, include: reduction in operations wastages, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures, noting that this was why it was able to declare its first ever profit of N287bn in 2020.

He said: “We have optimised our costs by automating our business processes. We have drastically reduced paper work at the NNPC and this has helped us to reduce cost.

“We eliminate wastages and optimise our staff. The refineries were shut down and the engineers moved to other areas and this has helped in reducing costs.”

While the Covid-19 pandemic affected crude oil prices and demand negatively, he said the NNPC was able to survive through a strategy that involves the reduction of production cost, adding that by this, the Corporation was able to drive down costs of sales by 15.11 per cent from N2.6trn in 2019 to N2.2trn in 2020./SHARE THIS

 

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