The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a net profit of N5.4 trillion for the 2024 financial year, marking one of its strongest earnings yet since its transition into a commercial entity.

The Group Chief Executive Officer, Bayo Ojulari, disclosed the figures on Monday while presenting the company’s newly released audited financial statements. He said the performance reflects the company’s efforts to operate more transparently and competitively under the framework of the Petroleum Industry Act (PIA).

According to him, the reforms introduced after the PIA became law in 2021 placed NNPC on the path toward becoming a fully commercial limited liability company, and the latest financial results demonstrate the progress made so far.

Mr Ojulari added that the public presentation of the accounts was deliberate, noting that the company aims to maintain clear disclosures and strengthen confidence in its operations.

More updates are expected as additional details from the financial statement are released.