Nepal Oil Corporation Limited (NOC) reported a profit of Rs 9.55 billion for the fiscal year 2023/24, following the successful implementation of a fully automated pricing system. This marks a significant turnaround for the state-owned enterprise, which conducted fuel transactions worth Rs 364.52 billion during the year.
According to the financial report approved at NOC’s 43rd Annual General Meeting, the corporation also paid Rs 112 billion in taxes to the government from its fuel trading activities, which totaled over Rs 350 billion annually.
Despite earning over Rs 9.5 billion in profit, the corporation’s accumulated profit currently stands at Rs 4.83 billion, noted NOC Spokesperson Manoj Thakur. The meeting further decided to distribute a 10 percent dividend to shareholders.
During the last fiscal year, NOC imported petroleum products valued at Rs 356.72 billion. The corporation’s paid-up capital remains at Rs 11 billion.
