The Nigerian National Petroleum Corporation (NNPC) says the Nigerian Gas Processing and Transportation Company Ltd. (NGPTC), one of its subsidiary companies, declared a profit after tax of ₦15.81 billion in 2016.
The NNPC disclosed this in Abuja on Sunday in a statement by its Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu.
Ughamadu explained that the profit was due to the write-back of deferred tax of ₦8.05 billion in 2015 and part of the dividends of the ongoing transformation.
The Chief Operating Officer and Chairman of NGPTC, Mr Saidu Mohammed, disclosed that the profit before tax for the year ended Dec. 31, 2016 was ₦24.4 billion as against ₦20.9 billion in 2015.
“This represents an increment of 16.8 per cent, while the profit after tax reduced from ₦22.6 billion in 2015 to ₦15.81 billion in 2016.
“Also, earnings per share reduced from ₦4,510 in 2015 to ₦3,163 for 2016.
“The total revenue generated from gas sold and transmitted during 2016 amounted to ₦219.5 billion as against ₦155.5 billion in 2015, representing a 41 per cent increase over the previous year,” he said.