The Nigerian National Petroleum Corporation (NNPC) says it recorded N13.43 billion trading surplus in November 2020, a 54 per cent increase compared to the N8.71 billion surplus recorded in October 2020.
It attributed the 54 per cent increase to the substantial decrease in expenditure from the Nigeria Gas Company (NGC) due to cost reduction in overheads, coupled with a 38 per cent reduction in NNPC Corporate Headquarters deficit.
This is contained in the November 2020 64th edition of the NNPC Monthly Financial and Operations Report (MFOR).
It stated that the NNPC Group’s surplus was bolstered by the noticeably improved profits for additional engineering services rendered by the Nigerian Engineering and Technical Company (NETCO) and increased revenue from import activities posted by Duke Oil Incorporated.
“These healthy performances dominated the positions of all other NNPC subsidiaries to record the Group surplus,” it read.
According to the report, the corporation Group’s operating revenue for the month under review
as compared to October 2020, decreased slightly by 0.02 per cent or N0.09billion to stand at N423.08 billion.
The report indicated that expenditure for the month decreased by 1.16 per cent or N4.81 billion to stand at N409.65 billion leading to the N13.43 billion trading surplus.
Also, export sales of crude oil and gas for the month stood at $108.84million, making a 70.33 per cent increase compared to the last month.
“Crude oil export sales contributed $73.09m (67.15%) of the dollar transactions compared with $12.38 million contributions in the previous month; while the export gas sales amounted to $35.75 million in the month.
“The total crude oil and gas export for the period of November 2019 to November 2020 stood at $2.89bn,” it states.
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NNPC records N13.4bn trading surplus in November 2020