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 N20.9 billion in 2015, to N24.4 billion as at December 31, 2016. In a statement in Abuja, the NNPC stated that NGPTC also posted a profit after tax of N15.81billion in its 2016 financial year, dropping, however, from N22.6 billion 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, Mr. Saidu Mohammed said that the profit was due to the write-back of deferred tax of N8.05 billion in 2015 and was part of the dividends of the on-going transformation of the NNPC.
However, he noted that the earnings per share of the company reduced from N4,510 in 2015 to N3,163 for 2016. Mohammed disclosed that NGPTC recorded total revenue of N219.5 billion, being proceeds of gas sold and transmitted in the 2016 fiscal year, rising by 41 per cent, compared to N155.5 billion recorded in 2015. He attributed the increase to revenue generated from application of higher transportation tariff and new commercial customers that came on stream.
He said, “An overview of NGPTC’s business performance for the year 2016 shows that 307 billion standard cubic feet (bscf) of gas was sold and transmitted as against the planned 463 bscf, thereby achieving 66.4 per cent of its target. The year 2016 also revealed a performance of four per cent below the volume of 319.25 bscf sold in 2015.”
He lamented 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.
Despite the challenges, Mohammed acknowledged the continued support of NGPTC’s host communities for the sustained peace and tranquility in the Company’s areas of operation.. Also speaking, 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 team work. He 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. Giving the Joint Independent Auditors report, Mr. Ralph Okoroha, said the financial statements of NGPTC represents fairly, in all materials, the financial position of the Company at 31st December, 2016 and its financial performance and cash flows for the year ended.
He said the financial report ended in accordance with International Financial Reporting Standards (IFRS) and in compliance with the Financial Reporting Council of Nigeria Act No. 6, 2011 and the requirements of the Companies and Allied Matters Act, Cap C20 laws of the Federation of Nigeria, 2004.
