The Nigerian National Petroleum Company Limited (NNPCL) has released its audited financial statement for 2022 showing its revenue profile increased by 37.2 per cent, from N6.42 trillion in 2021 to N8.81 trillion in 2022.
The company disclosed this in its financial statements for the 16-month period ending December 2022 following pressure from various stakeholders for it to open its books for scrutiny.
The report also the company’s profit after tax (PAT) rose to N2.52 trillion, representing about 274 per cent increase when compared to the N674 billion it recorded in 2021.
The profit was attributed to the “owners of the company” (N2.521 trillion) and “non-controlling interests” (N1.78 billion).
The report further put the NNPC Group’s total current assets at N21.59 trillion and total current liabilities, N49.35 trillion at the end of 2022, while its total assets increased by 260.48 per cent from N16.27 trillion in 2021 to N58.65 trillion.
Non-current liabilities stood at N19.98 trillion while total liabilities rose by 266.72 per cent from N13.46 trillion in 2021 to N49.53 trillion in 2022.
While deferred tax liabilities stood at N13.23 trillion in 2022, deferred tax assets amounted to N3.09 trillion in the review period, the report showed.
The cost of sales also rose to N6.7 trillion in 2022 — a 25.47 per cent increase from N5.34 trillion in 2021.
The company also recorded deferred tax liabilities of N13.23 trillion during the year, while deferred tax assets stood at N3.098 trillion. Cost of sales climbed to N6.7 trillion in 2022, that is, a 25.47 per cent increase from N5.34 trillion in 2021.
“The financial statements have been prepared in accordance with the going concern principle under the historical cost convention.
“Nothing has come to the attention of the directors to indicate that NNPC will not remain a going concern for at least 12 months from the date of these financial statements.
“At this time, no significant events after the reporting date that may have an impact on going concern have been noted,” the auditors said in their notes to the 2022 AFS,” the report stated.
