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Nigeria’s NNPC Cuts Losses by 99.7% to N1.7bn in 2019

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The Nigerian National Petroleum Corporation (NNPC) says it has recorded a 99.7 per cent reduction in its loss profile from N803billion in 2018 to N1.7billion in 2019.

NNPC disclosed this in its 2019 Audited Financial Statement (AFS), released by kennie Obateru, spokesman for the corporation, in Abuja, on Thursday.

It will be recalled that the corporation in May published its 2018 AFS and assured of quick release of the 2019 report. This, According to NNPC Group Managing Director Malam Mele Kyar was in line with efforts to ensure transparency and accountability in its operations.

Obateru, quoted the NNPC Chief Financial Officer (CFO), Umar Ajiya, as saying that the 2019 AFS was concluded five months after the release of that of 2018.

He said that the 2019 report would be published on the Corporation’s website for all to see in keeping with the management’s commitment to transparency and accountability. This, he added was also in consonance with the principles of the Extractive Industries Transparency Initiative (EITI) of which it was a partner.

A breakdown of the report disclosed that general administrative expenses also witnessed a 22 per cent dip from N894bn in 2018 to N696bn in 2019. According to Ajiya, majority of the subsidiaries posted improved performance.

The subsidiaries are the Nigerian Petroleum Development Company Limited (NPDC) which recorded N479 billion profit in 2019 compared with N179billion in 2018, representing 167 per cent increase.

“The Integrated Data Sciences Limited (IDSL) recorded N23billion profit in 2019 compared with N154million in 2018, representing 14966 per cent increase and the Petroleum Products Marketing Company (PPMC) recorded N14.2billion profit in 2019 compared with the N9.3billion recorded in 2018, representing 52 per cent increase. “Also, the refineries maintained the same level of losses as in 2018 but which will reduce significantly in 2020 due to cost optimisation drive,” the CFO said.

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