NNPC Records N11.72bn Surplus after Long Streak of Losses

Meanwhile, the NNPC, which had been on a long streak of business losses, has finally recorded a trading surplus worth N11.72 billion, according to the March 2018 edition of its monthly operations and financial report.

According to the report, which was uploaded on the webpage of the corporation by THISDAY, the corporation appeared to have equally made some profits in its operations in February.

The March report showed that the NNPC recorded a trading surplus worth N16.72 billion.

It explained that its March earnings were N4.99 billion short of what it earned in February.

“This 32nd edition of the report indicated a trading surplus of N11.72 billion which is relatively lower than the previous month’s surplus of N16.72 billion. This represents N4.99 billion decline from February 2018 performance,” said the report.

It indicated that earnings from some of its subsidiaries which included the Nigerian Petroleum Development Company Limited (NPDC), Integrated Data Services Limited (IDSL), NNPC Retails, the Nigerian Gas Processing and Transportation Company (NGPTC), and Nigerian Gas Marketing Company (NGMC) were responsible for the surplus, even though NPDC had a reduction in its oil production and revenue.

As usual, the report showed that the three refineries of the corporation in Port Harcourt, Warri and Kaduna continued on their loss-making streak, recording a collective operating deficit of N11.89 billion in March.

“This low performance is attributable to the refineries’ downturn with high cost of operations and reduction in NPDC’s production resulting to decline in their revenue,” added the report.

Before the release of the latest report, NNPC’s most recent profit was recorded in May 2016.