{"id":43873,"date":"2020-10-15T11:14:57","date_gmt":"2020-10-15T10:14:57","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=43873"},"modified":"2020-10-15T11:14:57","modified_gmt":"2020-10-15T10:14:57","slug":"nnpc-releases-2019-audited-financial-statement-reduces-loss-by-99-7","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nnpc-releases-2019-audited-financial-statement-reduces-loss-by-99-7\/","title":{"rendered":"NNPC Releases 2019 Audited Financial Statement, Reduces Loss By 99.7%"},"content":{"rendered":"

Barely five months after publishing its 2018 Audited Financial Statement, the Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from \u20a6803bn in 2018 to \u20a61.7bn in 2019.<\/p>\n

A statement by the Corporation’s spokesman, Dr. Kennie Obateru, quoted the NNPC Chief Financial Officer (CFO), Mr. Umar Ajiya, as saying that the 2019 Audited Financial Statement, which was concluded five months after the release of the 2018 Audited Financial Statement, will be published on the Corporation’s website for all to see in keeping with Management’s commitment to transparency and accountability and in consonance with the principles of the Extractive Industries Transparency Initiative (EITI) of which it is a partner.<\/p>\n

Giving further insight into the 2019 AFS, the CFO disclosed that general administrative expenses also witnessed a 22% dip from \u20a6894bn in 2018 to \u20a6696bn in 2019.<\/p>\n

According to Ajiya, majority of the subsidiaries posted improved performance namely, the Nigerian Petroleum Development Company Limited (NPDC) which recorded \u20a6479Billion profit in 2019 compared to \u20a6179Billion in 2018 representing 167% increase; the Integrated Data Sciences Limited (IDSL) recorded \u20a623Billion profit in 2019 compared to \u20a6154Million in 2018 representing 14966% increase; the Petroleum Products Marketing Company (PPMC) recorded \u20a614.2Billion profit in 2019 compared to \u20a69.3Billion in 2018 representing 52% increase; while the Refineries have maintained the same level of losses as in 2018 but which will reduce significantly in 2020 due to cost optimization drive.<\/p>

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The CFO explained that the improved performance in the 2019 financial year was driven mainly by cost optimization, contracts renegotiation and operational efficiency. He said \u201cthe 2019 AFS goes further to demonstrate our unwavering commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE) while the outlook for 2020 looks promising in view of the Management\u2019s strong drive to prune down running cost and grow revenues.\u201d<\/p>\n

It would be recalled that the Group Managing Director of NNPC, Mallam Mele Kyari, had promised to sustain the publication of the Corporation’s Audited Financial Statement as part of efforts to deepen transparency and accountability and keep stakeholders abreast of NNPC operations.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Barely five months after publishing its 2018 Audited Financial Statement, the Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from \u20a6803bn in 2018 to \u20a61.7bn in 2019.<\/p>\n","protected":false},"author":6,"featured_media":20018,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[7586,188],"coauthors":[2391],"class_list":["post-43873","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-audited-financial-statements","tag-nnpc"],"yoast_head":"\nNNPC Releases 2019 Audited Financial Statement, Reduces Loss By 99.7% - National Wire<\/title>\n<meta name=\"description\" content=\"Barely five months after publishing its 2018 Audited Financial Statement, the Nigerian National Petroleum Corporation (NNPC) has released its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nnpc-releases-2019-audited-financial-statement-reduces-loss-by-99-7\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NNPC Releases 2019 Audited Financial Statement, Reduces Loss By 99.7% - 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