Home ENGLISH NNPC GAS SUBSIDIARY: NGPTC’S Profit Rises To N24.4BN

NNPC GAS SUBSIDIARY: NGPTC’S Profit Rises To N24.4BN

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Nigerian Gas Processing and Transportation Company Limited, NGPTC, one of the subsidiaries of the Nigerian National Petroleum Corporation, NNPC, has announced a 16.8 increase in its profit before tax from 20.9 billion naira  in 2015 to 24.4 billion naira as at December 31st, 2016.

The company also posted a profit after tax of 15.81 billion naira in its 2016 financial year, dropping, however, from 22.6 billion naira recorded in 2015.

Speaking during the presentation of its annual report at its Annual General Meeting in Abuja, Chief Operating Officer of NNPC’s Gas and Power Autonomous Business Unit and Chairman of NGPTC, Saidu Mohammed, explained that the profit was due to the write-back of deferred tax of 8.05 billion naira in 2015 and was part of the dividends of the on-going transformation of the NNPC.

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