NGMC posts N12.4bn profit for 2018 – NNPC

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

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

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

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, Mr 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,’’ Barau said.

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.