NNPC publishes 2020 audited financial statements
Following the recent announcement by President Muhammadu Buhari that the Nigerian National Petroleum Corporation (NNPC) will declare 287 billion naira in after-tax profits (PAT) in 2020 (NNPC), the company has released Audited Financial Statements (AFS) for the year.
This was revealed on Wednesday in a statement signed by Garba Deen Muhammad, group chief executive, group public affairs division, NNPC.
Recall that during the announcement of the PAT more than two weeks ago, President Muhammadu Buhari, who is also Minister of Petroleum Resources, declared: and as a follow-up to our commitment to ensure the transparency and accountability of public institutions ”
Highlights of AFS 2020 include the company’s group profit, which fell from a loss of 1.7 billion naira in 2019 to a profit of 287 billion naira in 2020, according to the statement.
“NNPC Group Managing Director Mele Kyari had on several occasions, since the president’s profit declaration, attributed the turnaround to aggressive cost cutting, system automation and renegotiation of contracts to the company. decrease of about 30%, among other measures.
“Other highlights from AFS revealed that while the financial position of the Company’s group increased by 18.7 percent of total current assets compared to 2019, its total liabilities to short term increased by 11.4 percent over the same period. The group’s working capital remained below the line at 4.56 trillion naira in 2020 against 4.44 trillion naira in 2019, ”he said.
The statement further revealed that the company’s group revenue for fiscal year 2020 was 3,718 trillion naira compared to 4,634 trillion naira in 2019, a decrease that could be attributed to
the decline in the production and price of crude oil due to the global impact of Covid-19.
“This is the third year in a row that the NNPC has published its AFS, having done so for 2018 and 2019,” he said.
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