NNPC Group Releases 2019 Audited Financial Statement, Reduces Loss by 99.7%

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...
- Advertisement -

Barely five months after publishing its 2018 Audited Financial Statement, 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.

A statement by NNPC’s spokesman, Dr. Kennie Obateru, quoted the NNPC Chief Financial Officer, Mr. Umar Ajiya, as saying that 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 for all to see in keeping with Management’s commitment to transparency and accountability & in consonance with the principles of the Nigeria Extractive Industries Transparency Initiative of which it is a partner.

NNPC Group Releases 2019 Audited Financial Statement, Reduces Loss by 99.7%
NNPC Group Releases 2019 Audited Financial Statement, Reduces Loss by 99.7%

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 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 ₦23Bn profit in 2019 compared to ₦154Mn in 2018 representing 14966% increase; the Petroleum Products Marketing Company (PPMC) recorded ₦14.2Bn profit in 2019 compared to ₦9.3Bn 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.

Read Also:  10 ways in which Cross River State on its own can generate an annual GDP of $400bn
- Advertisement -

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 & Performance, Excellence while the outlook for 2020 looks promising in view of Management’s strong drive to prune down running cost & grow revenues”

- Advertisement -
NNPC Group Releases 2019 Audited Financial Statement, Reduces Loss by 99.7% - Brand SpurNNPC Group Releases 2019 Audited Financial Statement, Reduces Loss by 99.7% - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  NNPC Had Promised Availability of Petroleum Products During Easter Period

This site uses Akismet to reduce spam. Learn how your comment data is processed.

NNPC Group Releases 2019 Audited Financial Statement, Reduces Loss by 99.7% - Brand SpurNNPC Group Releases 2019 Audited Financial Statement, Reduces Loss by 99.7% - Brand Spur

Latest News

Jacobson Pharma’s Proposed Spin-off and Separate Listing of JBM (Healthcare) Limited on The Main Board of The Stock Exchange of Hong Kong...

Declaration of Conditional Special Interim Dividend HONG KONG SAR - Media OutReach - 15 January 2021 - Jacobson Pharma Corporation Limited ("Jacobson Pharma"...

Kerry Logistics Network Opens Chemical Logistics Centre in Cangzhou China To Capture Market Potential in Chemical Logistics

HONG KONG SAR - Media OutReach - 15 January 2021 - Kerry Logistics Network Limited ('Kerry Logistics Network'; Stock Code 0636.HK) has opened a logistics centre...

Global Industry Leaders Highlighted Food Safety Issues in Times of Pandemic at the 6th Food Safety Forum

GS1 HK Launches Trusted FoodNet to Promote Information Visibility HONG KONG SAR - Media OutReach - 15 January 2021 - The 6th Food Safety Forum organised by GS1 Hong Kong...

How Might Nigeria’s Investment Cycle Pan Out in 2021?

The COVID-19 pandemic was perhaps humanity's first-ever health and economic crisis in the 21st century that brought the greatest of the nations to their...

Understanding Private Equity and Alternative Investments – FBNQuest

Although there are a variety of options for raising capital and attracting investors, equity is one of the two most sorts after options. It...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -NNPC Group Releases 2019 Audited Financial Statement, Reduces Loss by 99.7% - Brand SpurNNPC Group Releases 2019 Audited Financial Statement, Reduces Loss by 99.7% - Brand Spur