- NNPC Subsidiary, NGMC, Makes N12bn Profit
The Nigerian Gas Marketing Company (NGMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has announced a profit after tax of N12,476,685,000.00 (twelve billion, four hundred and seventy-six million, six hundred and eighty-five thousand naira) for the year ended 31 December, 2018.
This was disclosed at the company’s Annual General Meeting Friday in Abuja.
A press release by the Group General Manager, Group Public Affairs Division of NNPC, Mr. Ndu Ughamadu, quoted the corporation’s Group Managing Director, Dr. Maikanti Baru, who is also the Chairman of the NGMC Board of Directors, as saying that the company’s performance was impressive considering the challenges it faced in its operations, notably pipeline vandalism.
The GMD who was represented by the Chief Operating Officer (COO), Gas and Power, Mr. Seidu Mohammed, said the company would do everything to sustain the impressive performance, adding that: “We have to expand our portfolio, we are going into the West African market to position ourselves as the best marketer of gas in the sub region.”
He stated that NGMC had already signed contracts with some companies in the Republic of Benin.
On his part, Managing Director of NGMC, Engr. Mohammad Barau, attributed the company’s impressive performance to the support given to it by the NNPC Management which helped to resolve some of its challenges and motivated the company to embark on an aggressive drive for customers, resulting in increased earnings.
The company’s total revenue for the year 2018 was N243.630billion compared to N275.162billion for 2017.
The decline in revenue was attributed to the move by the electric power generating companies to purchase gas directly from gas producers since June 2018.
The NGMC is mainly engaged in sourcing, marketing and distribution of natural gas to major industrial users and utility companies in Nigeria and the West Africa sub-region.