NGMA posts N12.4 billion profit for 2018

NNPC Headquarters, Abuja
NNPC Headquarters, Abuja

The Nigerian Gas Marketing Company (NGMC) has announced a profit after tax of N12.476 billion for the year ended December 31, 2018.

This was disclosed in a statement issued by the Nigerian National Petroleum Corporation (NNPC) Group General Manager, Group Public Affairs Division, Ndu Ughamadu, in Abuja on Friday.

Mr Ughamadu disclosed that the NNPC Group Managing Director, Maikanti Baru, said NGMC’s performance was impressive considering the challenges it faced in its operations, notably pipeline vandalism.

Mr Baru assured that the company would sustain the impressive performance and also expand its portfolio.

“We are going into the West African market to position ourselves as the best marketer of gas in the sub region,’’ he said.

He added that NGMC had already signed contracts with some companies in the Republic of Benin.

The Managing Director of NGMC, Mohammad Barau, attributed the company’s impressive performance to the support given to it by the NNPC Management.

He said the support had 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 its 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,’’ Mr Barau said.

Advertisement

nlng Campaign AD

The NGMC, a subsidiary of the NNPC, 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.

(NAN)

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.