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NNPC’s 2019 Audited Financial Statement Reveals Operational Loss Reduction From ₦803bn to ₦1.7bn

NNPC

 

Barely five months after publishing its 2018 audited financial statement, the Nigerian National Petroleum Corporation (NNPC) has released the 2019 audited financial statement showing about  99.7 per cent reduction in its loss profile from ₦803 billion in 2018 to ₦1.7 billion in 2019.

The NNPC Chief Financial Officer, Mr Umar Ajiya, said the 2019 Audited Financial Statement which was concluded five months after the release of the 2018 Audited Financial Statement, will be published on the Corporation’s website.

He said publishing it on the website would enable everyone to have access to it in line with the management’s commitment to transparency and accountability as well as in consonance with the principles of the Extractive Industries Transparency Initiative (EITI) of which NNPC is a partner.

Persecondnews recalls that 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 and keep stakeholders abreast of NNPC operations.

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

According to him, majority of the subsidiaries posted improved performance namely, the Nigerian Petroleum Development Company Limited (NPDC) which 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.

“The Petroleum Products Marketing Company (PPMC) recorded ₦14.2Billion profit in 2019 compared to ₦9.3Billion in 2018 representing 52% increase; while the Refineries have maintained the same level of losses as in 2018 but which will reduce significantly in 2020 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.

“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,” Ajiya said in a statement by the Corporation’s spokesman, Dr. Kennie Obateru, and made available to Persecondnews.

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