KATHMANDU, April 12: Nepal Oil Corporation Limited (NOC) paid Rs 112 billion in taxes to the government from fuel transactions over the past year. It generated this tax amount while conducting fuel trade worth over Rs 350 billion annually.
During the same period, the NOC earned a profit of around Rs 9.5 billion. It turned profitable after implementing a fully automated pricing system.
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The 43rd Annual General Meeting of NOC approved the financial report showing that the corporation earned a profit of Rs 9.55 billion in fiscal year 2023/24 after selling petroleum products worth Rs 364.52 billion.
NOC Spokesperson Manoj Thakur said the NOC's accumulated profit stands at Rs 4.83 billion, despite earning over Rs 9.5 billion in profit last year. The meeting also decided to distribute a 10 percent dividend to shareholders.
Last Fiscal Year (FY), the NOC imported petroleum products worth Rs 356.72 billion. NOC currently holds a paid-up capital of Rs 11 billion.