NNPC releases audited financial statements for 2020
Through Adewale Sanyaolu
Life Until its mission of transparency, accountability and performance excellence (TAPE), the Nigerian National Petroleum Corporation (NNPC) yesterday published its 2020 audited financial statements.
The release of AFS 2020 follows a similar feat recorded in 2018 and 2019. The NNPC, for the first time in 44 years of activity, released its first AFS to the admiration of stakeholders in 2018.
Prior to the publication of AFS 2020, the NNPC revealed that it had recorded N 287 billion in after-tax profit (PAT) in the year under review.
President Muhammadu Buhari, who is also Minister of Petroleum Resources while announcing the remarkable feat recorded by the NNPC just over two weeks ago, said: the law and as a follow-up to our commitment to ensure transparency and accountability. responsibility of public institutions.
In accordance with the president’s directive, the NNPC fulfilled this very important statutory requirement by releasing its audited financial statements yesterday.
AFS 2020 reported group profit that fell from a loss of 1.7 billion naira in 2019 to a profit of 287 billion naira in 2020, for the first time in 44 years.
Group General Manager of the NNPC, Mele Kyari, on several occasions since the president’s profit statement, has attributed the turnaround to aggressive cost cutting, system automation and renegotiating contracts down by around 30%, among other strict measures. .
The report also found that while the company’s group financial position increased by 18.7% of total current assets compared to 2019, while its total current liabilities increased by 11.4% over the same period.
The group’s working capital remained below the line at 4.56 trillion naira in 2020 from 4.44 trillion naira in 2019, AFS further revealed.
Likewise, the company’s group revenue for fiscal 2020 was 3,718 trillion naira compared to 4,634 trillion naira in 2019, a decline that could be attributed to lower production. and the price of crude oil due to the global impact of COVID-19.