JUST IN: NNPC almost out of red zone, cuts losses by 99.7%

October 15, 2020
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<!– NNPC GMD Mele Kolo Kyari: corporation eyes profit in 2020 –>

NNPC GMD Mele Kolo Kyari: corporation eyes profit in 2020

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

The new report comes five months after the corporation published its 2018 Audited Financial Statement,

The NNPC Chief Financial Officer (CFO), Mr. Umar Ajiya, said that the 2019 Audited Financial Statement, will be published on the Corporation’s website for all to see in keeping with Management’s commitment to transparency and accountability.

Ajiya also said the release will be 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 ₦894bn in 2018 to ₦696bn in 2019.

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

The Nigerian Petroleum Development Company Limited (NPDC) recorded ₦479Billion profit in 2019 compared to ₦179Billion in 2018 representing 167% increase.

The Integrated Data Sciences Limited (IDSL) recorded ₦23Billion profit in 2019 compared to ₦154Million in 2018 representing 14966% increase.

Also the Petroleum Products Marketing Company (PPMC) recorded ₦14.2Billion profit in 2019 compared to ₦9.3Billion in 2018 representing 52% increase.

However, the Refineries have maintained the same level of losses as in 2018.

Ajiya said the losses will reduce significantly this year due to cost optimization drive.

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

He said “the 2019 AFS goes further to demonstrate our unwavering commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE) while the outlook for 2020 looks promising in view of the Management’s strong drive to prune down running cost and grow revenues.”

The Group Managing Director of NNPC, Mallam Mele Kyari, had promised to sustain the publication of the Corporation’s Audited Financial Statement as part of efforts to deepen transparency and accountability, spokesman of the corporation,
Dr. Kennie Obateru said.

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