Tuesday, October 20, 2020

NNPC reduces loss by 99.7%

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The Nigerian National Petroleum Corporation says it has achieved 99.7 per cent reduction in its loss profile from N803bn in 2018 to N1.7bn in 2019.

The information is contained in its 2018 audited Financial Statement published five months ago.

The Corporation’s spokesman, Kennie Obateru, quoted NNPC Chief Financial Officer, Mr. Umar Ajiya as saying that the 2019 Audited Financial Statement would soon be published on the corporation’s website.

Thev report also showed that the general administrative expenses witnessed a 22 per cent dip from N894bn in 2018 to N696bn in 2019.

Majority of the subsidiaries posted improved performance and outlined them to include the Nigerian Petroleum Development Company Limited, which recorded N479bn profit in 2019 compared to N179bn in 2018 and this represents 167 per cent increase.

Ajiya said the Integrated Data Sciences Limited recorded N23bn profit in 2019 compared to N154m in 2018, representing 14, 835 per cent increase.

Also, the Petroleum Products Marketing Company recorded N14.2bn profit in 2019 compared to N9.3bn in 2018, representing 52 per cent increase.