NNPC publishes 2020 Audited Financial Statement

Following President Muhammadu Buhari’s recent announcement of the declaration of N287 billion Profit After Tax (PAT) in 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has published the Audited Financial Statements (AFS) for the year.

This was revealed in a statement signed by the Group General Manager, Group Public Affairs Division, NNPC, Garba Deen Muhammad on Wednesday.

Recall that while announcing the PAT over a fortnight ago, President Muhammadu Buhari, who is also the Minister of Petroleum Resources, said “I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial Statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions”

Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287 billion in 2020, the statement said.

“The Group Managing Director of the NNPC, Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost-cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures.

“Further highlights of the AFS revealed that while the Corporation’s group financial  position increased in total current assets by 18.7 per cent compared to that of 2019, its  total current liabilities increased by 11.4 per cent within the same period. The group working capital remained below the line at N4.56 trillion in 2020 as against N4.44 trillion in 2019,” it said.

The statement further revealed that the Corporation’s group revenue for the 2020 financial year stood at N3.718 trillion as against N4.634 trillion in 2019, a decrease that could be attributed

to the decline in the production and price of crude oil due to global impact of Covid-19.

“This is the third consecutive year that the NNPC is publishing its AFS, having done so for 2018 and 2019”, it said.

 

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