The Nigerian National Petroleum Corporation (NNPC) in a statement in Abuja on Thursday, 15th October 2020, announced the release of its 2019 Audited Financial Statement.
The report was presented by the Corporation’s Chief Financial Officer (CFO), Umar Ajiya. He attributed the improved performance in the 2019 financial year to cost optimisation, contracts renegotiation and operational efficiency of the NNPC.
The Statement shows that there was a loss of N1.7 billion, a 99.7% decline from the N803 billion loss recorded in 2018. The general administrative expenses also dropped by 22% to N696 billion in 2019 from the N894 billion recorded in the previous year.
He said the 2019 audited financial statement demonstrates the Company’s commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE). It also complements the Group Managing Director, Mele Kyari’s effort to sustain the publication of thes Audited Financial Statement to keep stakeholders updated about the operations of the NNPC.
He noted the 2019 Audited Financial Statement was concluded five months after the release of the 2018 Audited Financial Statement and would be published on the NNPC’s website, in line with the principle of TAPE and in line with the principles of the Extractive Industries Transparency Initiative (EITI).
Ajiya said, “Majority of the subsidiaries posted improved performance namely, the Nigerian Petroleum Development Company Limited, NPDC, which recorded N479 billion profit in 2019 compared to N179 billion in 2018 representing 167 per cent increase; the Integrated Data Sciences Limited, IDSL, recorded N23 billion profit in 2019 compared to N154 million in 2018 representing 14,966 per cent increase.”
“The Petroleum Products Marketing Company, PPMC, recorded N14.2 billion profit in 2019 compared to N9.3 billion in 2018, representing 52 per cent 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.”
