Lagos — The Nigerian Gas Company, NGC – a subsidiary of the Nigerian National Petroleum Corporation, NNPC – achieved a profit after tax of N13.29 billion in 2018.
Chairman of the company’s board of directors and NNPC Chief Operating Officer, COO, Upstream, Mr. Roland Ewubare, disclosed this, saying profit after tax increased from N6.11 billion in 2017 to N13.29 billion in 2018, an increase of 117 percent.
He stated that the company continued on its profit growth trajectory for the second consecutive year after unbundling which saw its business streamlined to gas transportation.
“The profit after tax for the year ended 31st December 2018, increased from N6.11 billion in 2017 to N13.29 billion, representing an increase of 117 percent”, he declared at the company’s 24th Annual General Meeting, AGM, which held at the NNPC Towers, Abuja.
He attributed the rise in the company’s revenue and profit to an increase in the volume of gas transported, cost reduction initiatives, effective pipeline operations, and maintenance, and cordial relations with host communities.
Ewubare explained that the NGC, in a bid to shore up its revenue base, had acquired equity in a number of gas processing concerns which include the Assa North-Ohaji South, ANOH, Gas Processing Company, AGPC; Makaraba Gas Processing Project and the Sapele Gas Compression Project.
“Completion of these gas processing projects are expected to significantly increase NGC’s revenue and boost the Federal Government’s Economic Recovery and Growth Plan”, the COO said.
Also speaking at the event, the Managing Director of NGC, Dr. Salihu Jamari, said the improvement in the company’s performance was a testimony to the commitment by the management to deliver value to shareholders and stakeholders.