The Nigerian National Petroleum Corporation (NNPC) on Thursday released its 2019 audited financial statement showing a loss of N1.7 billion during the financial year.
The figure represents 99.7 per cent decline from a loss of N803 billion recorded in 2018.
Presenting the report in Abuja, the chief financial officer, Mr. Umar Ajiya stated that stated general administrative expenses also dipped by 22 per cent from N894 billion in 2018 to N696 billion in 2019.
However, he said the improved performance in the 2019 financial year was driven mainly by cost optimisation, contracts renegotiation and operational efficiency.
“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….
“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 optimisation drive,” he said.
He said 2020 is financially promising in view of the corporation’s strong drive to prune down running cost and grow revenues.
He explained that the 2019 audited financial statement was a demonstration of NNPC’s unwavering commitment to the principle of transparency, accountability and performance excellence (TAPE).