RED ALERT! NNPC’s Profit Drops By 5Bln Naira In One Month
Perhaps you didn’t know that Nigeria’s state-owned oil company, the Nigerian National Petroleum Corporation, NNPC was even profitable.
You may have heard only of losses.
This story isn’t any different as the decline in the cumulative performance of Nigeria’s refineries has reduced the group profit of the company by 5 billion naira.
In the just released March 2018 operations report of the NNPC, the corporation made an operating surplus of 11.7 billion naira, incurred a total expense of 354.6 billion naira and generated a revenue of 366.3 billion naira for the month under review.
It had recorded an operating surplus of 16.7 billion naira, a total expense of 357.6 billion naira and revenue of 374.4 billion naira in the preceding month of February 2018.
A comparative analysis of figures from the oil firm’s reports for the two months, showed that the corporation’s profit dropped in March by 5 billion naira, its total expenditure reduced by 3 billion naira, while its revenue also reduced by 8.1 billion naira.
Explaining what led to the reduction in profit for March 2018, the NNPC stated that in the month under review, that “the low performance is attributable to the refineries’ downturn with high cost of operations and reduction in the NPDC’s (Nigeria Petroleum Development Company’s) production, resulting in a decline in their revenue.”