NNPC publishes audited financial results — first time in 43 years

The Nigerian National Petroleum Corporation (NNPC) has released its audited statement of accounts for the 2018 financial year.

This is the first time in the history of the 43-year-old corporation that the audited statements would be released to the public in what seems to signal a move towards improving transparency in the corporation.

In the document published on its website, the corporation listed the accounts of its listed subsidiaries.

While some reported losses, other subsidiaries recorded profits or bounced back after incurring losses in 2017.

The Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the corporation, made N179.1 billion profit after tax from its operations in 2018.

The National Engineering and Technical Company (NETCO), another upstream subsidiary, indicated a profit after tax of N4.5 billion for 2018, up from the N2.4 billion reported in 2017.

It noted that the Nigeria Gas Company (NGC), recorded a profit after tax of over N13.2 billion with a comprehensive annual income of about N19.9 billion.

In the downstream sector, the Petroleum Products Marketing Company (PPMC) for the first time, recorded gross profit of N24.3 billion in the year under review while NNPC Retail Limited posted a profit after tax of N2.2 billion compared to the N1.8 billion recorded in the preceding year.

The National Petroleum Investment Management Services (NAPIMS), posted revenue of N5.04 trillion in 2018 and profit of N1.01 trillion, with total assets under the portfolio of the service valued at N18.6 trillion.

The Integrated Data Services Limited (IDSL), the subsidiary in charge of acquisition and interpretation of seismic data, posted a total comprehensive income of about N3.2 billion with a profit of about N154 million.

Kaduna Refining and Petrochemical Company Limited (KRPC) had an operating loss of N64.5 billion compared to N112 billion in 2017 while the Port Harcourt Refining Company recorded a N45.5 billion in 2018, dow from N55.7 billion in 2017.

The Wheel Insurance, another of its subsidiaries, experienced a decrease in insurance liabilities from $9 million in 2017 to $8.2 million in 2018. The company recorded net cash from operating activities from $2.3 million in 2017 to $7 million in 2018.

Upon assumption of office, Mele Kyari, the NNPC group managing director, introduced the transparency, accountability and performance excellence (TAPE) initiative to improve performance.

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