NNPC Profit Jumps 15.8%, Revenue Rises as Gas Output Increases

The Nigerian National Petroleum Corporation (NNPC) reported a significant increase in its profit after tax for June, reaching N535 billion. This represents a 15.8% rise from May's N462 billion.

The revenue also saw a notable increase, rising to N4.389 trillion from N4.335 trillion. Statutory payments to the Federation reached N6.286 trillion between January and June, an additional N1.428 trillion remitted during this period.

Natural gas production rose to 7,841 million standard cubic feet per day (mmscf/d) in June from 7,774 mmscf/d in May, while crude oil and condensate production declined marginally by 0.6%.