Sunday, October 1, 2023
  • Login
No Result
View All Result
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
No Result
View All Result
The News Beam
Home News Business & Economy

NNPC annual loss falls 99.7% to N1.7bn in 2019

October 15, 2020
in Business & Economy, Economy, News
Reading Time: 2 mins read
0
A A
0
Share on FacebookShare on Twitter
NNPC annual loss falls 99.7% to N1.7bn in 2019

The Nigerian National Petroleum Corporation (NNPC) has released its 2019 audited financial statement which shows a 99.7% reduction in annual loss to N1.7 billion in 2019 from N803 billion in 2018.

A statement by the Corporation’s spokesman, Dr. Kennie Obateru, quoted the NNPC Chief Financial Officer (CFO), Mr. Umar Ajiya, as saying that the 2019 Audited Financial Statement, which was concluded five months after the release of the 2018 Audited Financial Statement, will be published on the Corporation’s website for all to see in keeping with Management’s commitment to transparency and accountability and in consonance with the principles of the Extractive Industries Transparency Initiative (EITI) of which it is a partner.

Giving further insight into the 2019 AFS, the CFO disclosed that general administrative expenses also witnessed a 22% dip from ₦894bn in 2018 to ₦696bn in 2019.

According to Ajiya, majority of the subsidiaries posted improved performance namely, the Nigerian Petroleum Development Company Limited (NPDC) which recorded ₦479Billion profit in 2019 compared to ₦179Billion in 2018 representing 167% increase; the Integrated Data Services Limited (IDSL) recorded ₦23Billion profit in 2019 compared to ₦154Million in 2018 representing 14966% increase; the Petroleum Products Marketing Company (PPMC) recorded ₦14.2Billion profit in 2019 compared to ₦9.3Billion in 2018 representing 52% increase; while the Refineries have maintained the same level of losses as in 2018 but which will reduce significantly in 2020 due to cost optimization drive.

The CFO explained that the improved performance in the 2019 financial year was driven mainly by cost optimization, contracts renegotiation and operational efficiency. He said “the 2019 AFS goes further to demonstrate our unwavering commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE) while the outlook for 2020 looks promising in view of the Management’s strong drive to prune down running cost and grow revenues.”

It would be recalled that the Group Managing Director of NNPC, Mallam Mele Kyari, had promised to sustain the publication of the Corporation’s Audited Financial Statement as part of efforts to deepen transparency and accountability and keep stakeholders abreast of NNPC operations.

Tags: Dr. Kennie ObateruMr. Umar AjiyaNigerian National Petroleum CorporationNNPC
ShareTweetSend
Previous Post

What Top Christian leaders are saying about #EndSARS

Next Post

Here are the five benefits of hand washing

Related Posts

Business & Economy

Naira falls to N970/$

September 20, 2023
25
Health

HIV Palaver: District Head loses job over marriage without medical certificates

September 19, 2023
40
Education

Lagos directs schools to resume new academic year on Sept 4

August 28, 2023
50
Economy

To Reduce Cost of Governance, Tinubu orders MDAs to limit officials attending UN Assembly

August 28, 2023
18
News

How FG, states, LGs shared N966bn FAAC allocation for July

August 22, 2023
31
Business & Economy

FirstBank, Eloy Foundation empower 1087 women MSMEs

August 22, 2023
3
Next Post
Here are the five benefits of hand washing

Here are the five benefits of hand washing

Global Finance Leaders to Solve Challenges of COVID-19 Pandemic with Customized Policies

Global Finance Leaders to Solve Challenges of COVID-19 Pandemic with Customized Policies

Categories

  • Agriprenuers (12)
  • Books & Arts (8)
  • Business & Economy (468)
  • Capacity Building (25)
  • CDAs (2)
  • Community Champions (1)
  • Crime (202)
  • DEVELOPMENT (74)
  • Development Agencies (109)
  • Economy (330)
  • Education (194)
  • Entertainment (405)
  • Faith (55)
  • Finance (348)
  • Global (103)
  • Guest Columnists (19)
  • Health (65)
  • Health (245)
  • Industry (153)
  • LGAs (2)
  • Lifestyle (101)
  • MGDs (10)
  • News (2,385)
  • Politics (407)
  • Projects (3)
  • Relationships (71)
  • Security (165)
  • SMEs (15)
  • SPECIALS (97)
  • Sports (311)
  • Street Money (9)
  • Tech (140)
  • Teens World (3)
  • The Entrepreneur (27)
  • Uncategorized (83)
  • Your Community (33)
  • Youthprenuers (15)
No Result
View All Result
News
Politics
Business & Economy
Sports
Entertainment
Global

Development

Health
Education
MGDs
Development Agencies

Your Community

CDAs
LGAs
Projects
Community Champions

The Entrepreneur

Street Money
SMEs
Youthprenuers
Agriprenuers
Capacity Building

Specials

Lifestyle
Relationships
Books & Arts
Faith
Teens World
Guest Columnists

Follow Us

  • About Us
  • Contact Us
  • Terms of Usage
  • Privacy Policy
  • Advert Rates
  • Newsletters
  • Resources
  • Submit a Story
No Result
View All Result
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
  • Login

© 2020 The News Beam is the highest circulated and most read newspaper in Nigeria. The online portal of The News Beam is the most visited website in the world.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Subscribe With The News Beam