The Nigerian
National Petroleum Corporation, (NNPC), has announced that it recorded N197.49
billion total loss at the end of the 2016 financial year.
According to
analysis of the corporation’s financial and operations report for 2016, which
was released yesterday in Abuja, the NNPC ended all but one of its monthly
trading activities in deficits.
According to
data generated from the report, the corporation earned N1.726 trillion but
recorded an expenditure of N1.923 trillion.
The only
month it made a profit in the year was May when it posted a profit of N273.74
million.
“NNPC has
been operating in a challenging environment which limits its aspiration to
profitability. Overall, a trading deficit of N17.01 billion was recorded for
the month under review as against the reported November, 2016 trading deficit
of N18.72 billion.
“This
represents a decrease of N1.71bn in trading deficit as against November 2016.
The marginal decrease is due to improved PPMC (Pipelines and Product Marketing
Company) coastal sales following the completion of reconciliation with other
marketers,” the Corporation said.
“Other
factors that affected the overall NNPC’s performance include the force majeure
declared by SPDC (Shell Petroleum Development Company) as a result of the
vandalised 48-inch Forcados export line after the restoration on October 17,
2016, among others.”
While the
December 2016 loss figure in the report was N17.01 billion, a review of the
last 11 months indicated that in January, the NNPC had a N3.55 billion trading
deficit, it recorded N24.23 billion in February as deficit, N18.89 billion in
March, N26.51 billion in June, N24.18 billion in July, N11.22 billion in
August, N17.18 billion in September, N16.85 billion in October and N18.72
billion in November. It made N273.74 million in May as profit though.
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