The Nigerian National Petroleum Corporation (NNPC) on Thursday published on its website details of the 2020 Audited Financial Statements (AFS).
The corporation said the publication was in compliance with the recent directive by President Muhammadu Buhari who recently announcement the declaration of N28billion profit after tax (PAT) by the corporation in year 2020.
Among the highlights of the 2020 Annual report include the corporation’s group profit, which rose from a loss position of N1.7billion in 2019 to a profit of
N287billion in 2020, the first time in 44 years.
The Group Managing Director of the NNPC, Mele Kyari, said the declaration of profit was attributed to, among other tough measures, the turnaround to aggressive cost cutting, automation of the system and downward renegotiation of contracts by about 30 percent, .
Further highlights of the AFS revealed that the Corporation’s group financial
position increased in total current assets by 18.7 percent, compared to that of 2019, whose total current liabilities increased by 11.4 percent within the same period.
The group’s working capital remained below the positive line at N4.56trillion in 2020 as
against N4.44trillion in 2019, the AFS further revealed.
Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718trillion, as against N4.634trillion in 2019, a decrease attributed to the decline in the production and price of crude oil due to the global impact of the
This is the third consecutive year that the NNPC would be publishing its annual financial, following 2018 and 2019 editions.