Business

NNPC Releases 2019 Audited Financial Statement, Cuts Loss by 99.7%

The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from ₦803 billion in 2018 to ₦1.7 billion in 2019.

A statement by the Corporation’s spokesman, Dr. Kennie Obateru, quoted the NNPC Chief Financial Officer (CFO), Mr. Umar Ajiya, as saying that the 2019 Audited Financial Statement would be published on the Corporation’s website for all to see in keeping with Management’s commitment to transparency and accountability & in consonance with the principles of the Extractive Industries Transparency Initiative (EITI) of which it is a partner.

Giving further insight into the 2019 AFS, the CFO disclosed that general administrative expenses also witnessed a 22% dip from ₦894 billion in 2018 to ₦696 billion in 2019.

According to Ajiya, majority of the subsidiaries posted improved performance.

He revealed that the Nigerian Petroleum Development Company Limited (NPDC) recorded ₦479 billion profit in 2019 compared to ₦179 billion in 2018 representing 167% increase.

The CFO also revealed that the Integrated Data Sciences Limited (IDSL) recorded ₦23 billion profit in 2019 compared to ₦154 million in 2018 representing 14966% increase.

Ajiya further revealed that the Petroleum Products Marketing Company (PPMC) recorded ₦14.2 billion profit in 2019 compared to ₦9.3 billion in 2018 representing 52% increase.

He said, however, the refineries have maintained the same level of losses as in 2018 but will “reduce significantly in 2020 due to cost optimisation drive.”

The CFO explained that the improved performance in the 2019 financial year was driven mainly by cost optimisation, contracts renegotiation and operational efficiency.

“The 2019 AFS goes further to demonstrate our unwavering commitment to the principle of Transparency, Accountability & PerformanceExcellence while the outlook for 2020 looks promising in view of Management’s strong drive to prune down running cost & grow revenues,” he added.

The release of the 2019 Statement comes barely five months after the NNPC published its 2018 Audited Financial Statement.

 

 

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