Nigeria’s state oil company, NNPC Limited, has released its 2023 full-year audited results, showing a profit after tax of N3.29 trillion.
This represents a significant increase from the N2.5 trillion profit reported in 2022, marking a 31.6% year-on-year growth and the largest corporate profit reported by any Nigerian company, according to Nairametrics records.
Total revenue generated for the year was N23.9 trillion or $26.4 billion using the exchange rate of N907/$1 which was the closing rate used for the year 2023.
Revenue from Nigeria amounted to N21.3 trillion , representing 89.1% of total revenue, indicating that the corporation earned the majority of its income domestically rather than from international operations.
Even more remarkable is the company’s total assets, which were reported at a staggering N246.8 trillion ($272 billion using N907/$1 or $154 billion using N1,600/$1 as of August 2024) surpassing Nigeria’s nominal gross domestic product (GDP).
