The Nigerian Gas Marketing Company (NGMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has announced a profit after tax of N12.476 billion for the year ended December 31, 2018.
In a statement
issued after the Annual General Meeting of the NGMC in Abuja, the NNPC
described the company’s performance as impressive, considering the challenges
the NGMC faced in its operations, notably arising from pipeline vandalism.
The NNPC noted that the company’s total
revenue for the year 2018 was N243.63 billion compared to N275.162 billion for
2017. The decline in revenue, the NNPC said, was attributed to the move by the
electric power generating companies to purchase gas directly from gas producers
since June 2018.
It added that 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 African sub-region.
The Group Managing Director of the NNPC, Dr. Maikanti Baru, who is also the Chairman of the Board of Directors of the NGMC, assured that the company would do everything to sustain the impressive performance.
Baru, who was represented by the Chief Operating Officer (COO), Gas and Power of the NNPC, Engr. Seidu Mohammed, stated that NGMC has signed contracts with some companies in the Republic of Benin. He said: “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.”
On his part, the 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.