NNPC subsidiary hits N1.8bn profit

Mr Adeyemi Adetunji, Managing Director, Nigerian National Petroleum Corporation (NNPC) Retail said the company made N1.8 billion profit after tax in 2017.
Adetunji disclosed this in Abuja at the 1st Triennial Delegate Conference of the PENGASSAN, Nigerian National Petroleum Corporation (NNPC) Retail branch.
NNPC Retail is a subsidiary of the NNPC.
He said that the total profit before tax was N3.2 billion in the year under review.
“NNPC Retail returns to the Corporation at the end of every year remains positive in 2017, we made N3.2 billion profit before tax and after tax we had N1.8 billion profit,’’ he said.
He said that the company had plans to expand to other markets in West Africa adding that it would continue to ensure effective marketing strategies.
According to him, the company will continue to target good customer services and world class business model and performance.
“We have adopted a business model called POMP to help us to deliver on our mandate. P stands for people, without the people, we cannot run our business.
“O stands for operational excellence in supply and distribution especially on how we serve our customers While M represents Market focus and understanding the needs of customers.
“The P stands for partnership development which focuses on how to deliver values to customers,’’ he said.
Commenting on the 30 per cent market shares target given to the company by the NNPC Group Managing Director, Dr Maikanti Baru, he said that the company would strive to attain that and even more.
He said that full implementation of POMP the new business model would help to drive the achievement of the target.