The Nigerian Gas Company (NGC), the gas transportation subsidiary of the Nigerian National Petroleum Corporation (NNPC), has declared  profit after taxation for the year ended 31st December, 2018, of N13.29bn representing an increase of 117 percent increased from N6.11bn in 2017.
 According to the

The Chairman of the company’s Board of Directors and NNPC Chief Operating Officer (COO), Upstream, Mr. Roland Ewubare, at the 24th Annual General Meeting (AGM) of the Company which held  at the NNPC Towers, Abuja, said that the increase in the company’s revenue and profit was attributed to increase in the volume of gas transported, cost reduction initiatives, effective pipeline operations and maintenance, and cordial relations with host communities.
He made this disclosure when speaking of the company’s financial performance for 2018, where he stated that it continued on its profit growth trajectory for the second consecutive year after unbundling which saw its business streamlined to gas transportation.
 He also, informed that the company is looking at expanding its footprint in the nation’s gas sector and, in turn, boost its revenue by diversifying into gas processing services.
In his address at the AGM, Mr. Ewubare explained that the company, in a bid to shore up its revenue base, had acquired equity in a number of gas processing concerns which include the Assa North-Ohaji South (ANOH) Gas Processing Company (AGPC), Makaraba Gas Processing Project and the Sapele Gas Compression Project.
“Completion of these gas processing projects are expected to significantly increase NGC’s revenue and boost the Federal Government’s Economic Recovery and Growth Plan”, the COO enthused.
Also speaking at the event, Managing Director of NGC, Dr. Salihu Jamari, said the improvements recorded in the company’s performance were a testimony to the commitment by the management to deliver value to shareholders and stakeholders.
He expressed optimism that the completion of gas infrastructure projects such as Phase 2 of the Escravos-Lagos Pipeline System (ELPS 2C), Obiafu-Obrikom-Oben (OB3) Pipelines and the Ajaokuta-Kaduna-Kano (AKK) Pipeline would further boost the company’s profitability.