Business

NNPC Limited releases FY2023 Results with Record-Breaking N3.3trillion in Net Profits and revenues of N27.99trillion

Published

1 month ago

August 19, 2024

…. Targets 2 million barrels/day Production

NNPC Limited has achieved a remarkable milestone by reporting a record-breaking net profit of N3.3 trillion for the 2023 financial year, marking a substantial 27.6% increase from the N2.58 trillion in the corresponding period of 2022.

This would be the highest profits ever declared in NNPC Limited’s history, and since it transitioned to a profit-making entity in 2020 after the enactment of the PIA into law. This monumental achievement was unveiled at the company’s Annual General Meeting, emphasising NNPC Limited’s exceptional financial success and strategic growth, which significantly contributes to the expansion of Nigeria’s energy sector. Mele Kyari, NNPC’s GCEO, confidently remarked that NNPC’s sustained profitability reflects a corporation that is not merely surviving but thriving, demonstrating robust outcomes that underscore NNPCL’s operational efficiency and strategic foresight.

In his comments on the results, Umar Ajiya Isa, Executive Vice President and Chief Financial Officer of NNPCL, emphasised NNPCL’s exceptional performance in the 2023 Financial Year. According to him, NNPC Limited achieved a remarkable ₦23.99 trillion in revenue, showcasing its robust market position and operational efficiency. With a gross profit of ₦7.04 trillion and an operating profit of ₦4.34 trillion, NNPCL achieved a net profit of ₦3.3 trillion at the end of 2023. These impressive results signify a solid net profit margin of 14% and an operating profit margin of 18%, demonstrating the company’s adeptness at converting revenue into substantial profits. In addition, NNPC Limited’s 2023 financial results showcased a 12% return on equity (ROE) as of FY2023 and maintained a current ratio of 1:1, reflecting a balanced approach to asset and liability management. Notably, the company’s debt-to-assets ratio stood at a mere 1.8%, highlighting prudent financial management and a robust balance sheet.

The year 2023 also saw NNPC Limited doubling its noncurrent assets, building on a remarkable 141% growth from the previous year. This asset expansion was primarily driven by strategic investments and the transfer of joint venture (JV) assets in alignment with the Petroleum Industry Act (PIA). The company’s total assets now stand at ₦246.82 trillion, reinforcing its status as a formidable player in the global energy sector. In its results, NNPCL declared a final dividend of ₦2.101 trillion, following an interim dividend of ₦536.64 billion. This brought the dividend payout ratio to an impressive 80%, reflecting the company’s strong profitability and confidence in its continued success. With earnings per share (EPS) of ₦16.49 and a dividend per share (DPS) of ₦11.11, shareholders have reaped significant returns from their investment in NNPC Limited.

NNPCL’s strategic projects in 2023 further underscore its role as a key player in enhancing Nigeria’s energy infrastructure. Notably, the $1 billion allocated for rehabilitating the Port Harcourt Refining Company (PHRC) aimed at boosting refining capacity by 210,000 barrels per day, significantly enhancing the nation’s refining capabilities. Additionally, NNPC Limited’s acquisition of a stake in the Dangote Refinery, which has now been fully repaid, strengthens its strategic position and supports Nigeria’s push towards energy independence. The company also secured substantial foreign exchange stabilisation loans, including a $3.3 billion loan that benefits the Federation, tied to a pledge of 90,000 barrels daily.

Amidst challenging economic conditions, NNPC Limited’s performance in 2023 demonstrates its operational excellence and strategic foresight. The company’s revenue growth, asset expansion, and shareholder returns affirm its position as a leader in Nigeria and globally. As NNPC Limited continues to implement its long-term strategy, the future looks promising, with strong confidence in its ability to maintain and expand upon its achievements. On NNPCL’s future outlook, Umar Ajiya, NNPCL’s CFO, further stated that NNPCL has set its sight on achieving oil production of 2,000,000barrels/day and is currently working with the relevant security stakeholders to curb oil theft and pipeline vandalism in line with President Bola Tinubu’s Directives. NNPCL’s unwavering focus on sustainability, profitability, and energy security not only positions NNPC Limited as an industry leader but also lays the groundwork for Nigeria’s economic future, delivering tangible benefits to the nation and its citizens.

Business

Adron Games 2024 Unveiled: ‘Fit to Be the Biggest’ with Sports Icons Daniel Amokachi and Mutiu Adepoju Leading the Charge

Published

6 hours ago

September 18, 2024

Sahara Weekly

Adron Games 2024 Unveiled: ‘Fit to Be the Biggest’ with Sports Icons Daniel Amokachi and Mutiu Adepoju Leading the Charge

Adron Homes & Properties is excited to announce the official unveiling of the 7th edition of the Adron Games, tagged “Fit to Be the Biggest”. The 2024 edition is set to take place at the renowned Lekan Salami Stadium, Adamasingba, Ibadan, from November 29th-30th, 2024, marking the second time the city of Ibadan will host the prestigious sporting event.

The Adron Games is a national platform designed to promote physical fitness, wellness, and community engagement through sports. Having previously held successful editions in Ogun and Lagos states, the 2024 edition is expected to attract over 10,000 athletes and fitness enthusiasts from across Nigeria.

The theme of this year’s Adron Games, “Fit to be the Biggest”, perfectly captures the spirit and ambition of the event. It signifies both the physical and metaphorical journey to greatness, where athletes, fitness enthusiasts, and even spectators are encouraged to embrace the challenge of becoming their best selves—physically, mentally, and competitively.

The theme also promotes the idea that fitness is essential to achieving greatness, whether through competitive sports or in everyday life. It motivates participants to push their boundaries and excel, whether on the field, court, or track, and ultimately reminds them that the journey toward fitness and excellence never stops.

This year’s games will feature a wide array of sporting disciplines, including Football, Basketball, Volleyball, Athletics, Table Tennis, Snooker, Shot Put, Long Jump, E-sports, and the fan-favorite Tug of War.

In a special highlight, Nigerian football legends Daniel Amokachi and Mutiu Adepoju have been announced as the official ambassadors of the event. Both are renowned for their contributions to Nigerian football and are expected to inspire athletes and spectators alike with their presence.
Key Event Highlights:
• Event Dates: November 29th-30th, 2024
• Venue: Lekan Salami Stadium, Adamasingba, Ibadan
• Ambassadors: Daniel Amokachi, Mutiu Adepoju, Vanessa Jones and MC Relax
• Sporting Events: Football, Basketball, Volleyball, Athletics, Table Tennis, Snooker, Shot Put, Long Jump, E-sports, and Tug of War
• Special Guests: Sports icons, fitness personalities, and celebrity appearances
• Participants: Over 10,000 athletes and fitness enthusiasts
• Prizes: Cash prizes, trophies, and awards for winners in various categories
Speaking at the unveiling, Daniel Amokachi emphasized the importance of corporate sponsorship in fostering young Nigerian talents, praising Adron Homes for their commitment to promoting sports.

He said “Sports in Nigeria need more support from businesses and brands to help discover and nurture talents among our youth. Organizations like Adron Homes, through their consistent support of sports, are boosting Nigeria’s global sports performance,” Amokachi said.

Meanwhile, Mutiu Adepoju lauded the unifying and transformative power of sports and commended Aare Adetola Emmanuelking, Group Managing Director of Adron Homes, for his unwavering commitment to organizing this event annually. “Sports is a powerful tool for unity and fitness, both physically and mentally. I commend Aare Adetola Emmanuelking for his continuous support of sports by organizing this prestigious event. His dedication is vital to the development of sports and the empowerment of youth in Nigeria,” Adepoju remarked.

it will be recalled that, Adron Games is an annual sporting event organized by Adron Homes & Properties to promote physical fitness, wellness, and community engagement through sports. Since its inception, the event has grown into a major national platform, bringing together thousands of athletes, corporate teams, and fitness enthusiasts in the spirit of competition and fun.

Adron Homes, through this sporting event, encourages everyone to view fitness and sports as key to unlocking personal and communal growth, building healthier lifestyles, and fostering unity across different regions, backgrounds, and demographics. “Fit to be the Biggest” represents not only the size and scope of the event but also the opportunity for everyone involved to elevate themselves and inspire others through the power of sport.

For more information, sponsorship, vendor registration and inquiries, please contact: Abiodun 08138432335

Adeboye Abiodun
Mnipr, Acicrm
Digital Operations and Media Relations Officer
Adron Homes and Properties Limited.
08138432335

Business

Three marketers to import 141m-litres petrol By Shonibare Timilehin

Published

11 hours ago

September 18, 2024

Sahara Weekly

NNPC cautions motorists, others against panic buying

Three marketers to import 141m-litres petrol

By Shonibare Timilehin

Three major oil marketers are expecting vessels of imported Premium Motor Spirit, popularly called petrol, this week barring any unforeseen circumstance, it was gathered on Tuesday.

Dealers said about 141 million litres of PMS are being conveyed to Nigeria by the vessels following the full deregulation of the downstream oil sector by the Federal Government.

They also noted that the recent hike in the pump prices of petrol produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited on Monday had allowed room for PMS imports.

Business

Why you should Patronize Magaja Cocktails, B.Magaja Hairway

Published

1 day ago

September 17, 2024

Sahara Weekly

Why you should Patronize Magaja Cocktails, B.Magaja Hairway

Arguably, B.Magaja Hairway is your number one choice when it comes to quality wigs and hair accessories. It’s the haven of great selection of quality, beautiful and stylish wigs and their delivery is top-notch.

Interestingly, B.Magaja Hairway boost of a vast array of human hair wigs products which include hair fill lace wigs, human hair front lace wigs, human hair ladies wigs among others. And their pricing is affordable and highly reputed as one of the best wigs suppliers in Nigeria.

Furthermore, the delectable owner who combined beauty with brains is also the owner of Magaja Cocktails and cocktails based in Lagos. It’s the best choice order for parties, events, and home delivery. They are trusted and tested and which is why dignitaries prefer them. A trial will convince you.