08 October 2017, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation’s, NNPC, gas subsidiary, the Nigerian Gas Processing and Transportation Company Limited, NGPTC, has posted a 30.04 percent decline in its profit after tax for 2016, from N22.6 billion in 2015 to N15.81 billion as at December 31, 2016.
The NNPC, in a statement in Abuja, stated that Chief Operating Officer of NNPC’s Gas and Power Autonomous Business Unit and Chairman of NGPTC, Engr. Saidu Mohammed made this known while presenting the Company’s report during the company’s 22nd Annual General Meeting.
However, despite the significant decline in its after-tax bottom line figures, Mohammed stated that NGPTC’s profit before tax appreciated by 16.8 percent to N24.4 billion in 2016, compared to N20.9 billion recorded as at the end of its 2015 financial year.
He explained that the profit was due to the write-back of deferred tax of N8.05 billion in 2015, while he added that earnings per share reduced from N4,510 in 2015 to N3,163 for 2016.
He noted that the total revenue generated from gas sold and transmitted during 2016 amounted to N219.5 billion as against N155.5 billion in 2015, stressing that it represents 41 percent increase over the previous year.
He explained that the increase was due to revenue generated from application of higher transportation tariff and new commercial customers that came on stream.
Giving an overview of NGPTC’s business performance for the year 2016, he disclosed that, “307 billion standard cubic feet (bscf) of gas was sold and transmitted as against the planned 463 bscf, thereby achieving 66.4 percent of its target. The year 2016 also reveals a performance of 4 percent below the volume of 319.25 bscf sold in 2015.”
He noted that the Company was confronted with the challenges of incessant vandalism of the Escravos-Lagos Pipeline System 1 (ELPS 1), Trans Forcados pipeline and evacuation bottleneck of condensate in 2016.
The COO and Chairman of the Company acknowledged the continued support of NGPTC’s host communities for the sustained peace and tranquillity in the Company’s areas of operation.
In his welcome remarks, the Managing Director of NGPTC, Mr. Babatunde Bakare, stated that the corporate culture of the Company was hinged on the unwavering commitment to excellence, best ethics and teamwork.
Mr. Bakare applauded stakeholders for their support to the NGPTC, adding that the 22nd AGM financial statement for 2016 would enable the Company to sustain its record of excellent corporate standing.
“Indeed, 2016 was historic given that Nigerian Gas Company (NGC) changed its name to Nigerian Gas Processing and Transportation Company Limited (NGPTC) to better reflect NGPTC’s new business focus and the birth of a new gas marketing company, Nigerian Gas Marketing Company (NGMC),” Bakare stated.