{"id":2946,"date":"2024-08-20T18:46:43","date_gmt":"2024-08-20T18:46:43","guid":{"rendered":"https:\/\/sbmediaonline.com\/?p=2946"},"modified":"2024-08-20T18:46:43","modified_gmt":"2024-08-20T18:46:43","slug":"nigerias-state-oil-firm-nnpc-reports-28-increase-in-annual-net-profit","status":"publish","type":"post","link":"https:\/\/sbmediaonline.com\/?p=2946","title":{"rendered":"Nigeria&#8217;s state oil firm NNPC reports 28% increase in annual net profit&#8221;"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"754\" height=\"424\" src=\"https:\/\/uwordpressmedia.blob.core.windows.net\/uwordpressmedia01\/2024\/08\/Fuel-Petrol-Pump-754x424-1.jpg\" alt=\"\" class=\"wp-image-2947\" srcset=\"https:\/\/uwordpressmedia.blob.core.windows.net\/uwordpressmedia01\/2024\/08\/Fuel-Petrol-Pump-754x424-1.jpg 754w, https:\/\/uwordpressmedia.blob.core.windows.net\/uwordpressmedia01\/2024\/08\/Fuel-Petrol-Pump-754x424-1-300x169.jpg 300w\" sizes=\"auto, (max-width: 754px) 100vw, 754px\" \/><\/figure>\n\n\n\n<p>Nigeria&#8217;s state oil firm Nigerian National Petroleum Company Limited on Monday posted a 28% rise in annual net profit to 3.297 trillion naira ($2.14 billion) and declared a dividend.<\/p>\n\n\n\n<p>&#8220;Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,&#8221; Chief Financial Officer Umar Ajiya said.<\/p>\n\n\n\n<p>The NNPC declared a dividend of 2.1 trillion naira and said it would announce its initial public offering plans once shareholders and the board give their approval.<\/p>\n\n\n\n<p>NNPC said it is targeting 2 million barrels per day of crude oil production by the end of the year, following improvements in the war against crude oil theft and pipeline vandalism.<\/p>\n\n\n\n<p>Earlier this month, Nigeria&#8217;s Navy Chief Emmanuel Ikechukwu Ogalla said Nigeria&#8217;s&nbsp;<a href=\"https:\/\/www.reuters.com\/business\/energy\/nigerias-oil-output-rises-improved-security-navy-chief-says-2024-08-06\/\">oil output had risen<\/a>&nbsp;to between 1.6 million and 1.7 million barrels per day after the government beefed up security to curb crude theft.<\/p>\n\n\n\n<p>NNPC has grown profitable since 2020 when it posted its first ever profit.<\/p>\n\n\n\n<p>It posted a loss in 2018 and 2019 following its transition to a commercial entity, a move the government has said would deliver profits and accountability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria&#8217;s state oil firm Nigerian National Petroleum Company Limited on Monday posted a 28% rise in annual net profit to 3.297 trillion naira ($2.14 billion) [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2947,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2946"}],"version-history":[{"count":1,"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2946\/revisions"}],"predecessor-version":[{"id":2948,"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2946\/revisions\/2948"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=\/wp\/v2\/media\/2947"}],"wp:attachment":[{"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sbmediaonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}