Just-In : NNPC Records 34% Profit

The Nigerian National Petroleum Corporation (NNPC) has announced a laudable 34% increase in trading surplus in its monthly operational and financial report for December 2019.

The details of the report were explained in a statement signed and released by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru.

In the report, the corporation announced an increase in the trading surplus of N5.28 billion in its December 2019 operations compared to the N3.95 billion posted in November last year. This represents a 34% increase.

The corporation explained that the 34% increase in trading surplus for the period was as a result of improved performance of some of its entities both in the upstream and downstream sectors.

It noted that the performance was impacted positively by reduced deficit which was posted by NNPC corporate headquarters and adjustments to previously understated revenue from Duke Oil and Integrated Data Services Limited.

The NNPC sold 21.51 billion litres of white products between December 2018 and December 2019. “The revenues generated from the sales of white products for the period stood at ₦2,705.76 billion, with PMS contributing about 97.56% of the sales with a value of ₦2,639.68 billion,” the corporation said.