NNPC posts 54% trading surplus

The Nigerian National Petroleum Corporation has posted a trading surplus of N13.43bn for the month of November 2020, an increase of 54 per cent compared to the N8.71bn recorded in October 2020.

The corporation made the disclosure in a statement on Sunday by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru.

It said the result was contained in its November 2020 edition of ‘Monthly Financial and Operations Report’.

“The 54 per cent increase in trading surplus in the November 2020 MFOR is primarily ascribed to the substantial decrease in expenditure from the Nigeria Gas Company due to cost reduction in overheads, coupled with 38 per cent reduction in NNPC Corporate Headquarters deficit.

“The trading surplus or trading deficit was derived after deduction of the expenditure profile from the revenue in the period under review,” NNPC stated.

Analysis on the report for the review month further showed that operating revenue decreased slightly by 0.02 per cent or N0.09bn to N423.08bn, while expenditure decreased by 1.16 per cent or N4.81bn to N409.65bn.

Also, export sales of crude oil and gas stood at $108.84m, representing a 70.33 per cent increase.

It stated that crude oil export sales contributed $73.09m (67.15 per cent) of the dollar transactions compared with $12.38m contribution in October 2020, while the export gas sales amounted to $35.75m.

Total crude oil and gas export from November 2019 to November 2020 stood at $2.89bn, it also revealed.

Total revenue generated from the sale of white products from November 2019 to November 2020 stood at N2.034tn, where premium motor spirit contributed about 99.09 per cent of the total sales with a value of over M2.015tn, the statement added.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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