The Nigerian Nationwide Petroleum Company (NNPC) says it has recorded a 99.7 per cent discount in its loss profile from ₦803billion in 2018 to ₦1.7billion in 2019.
NNPC disclosed this in its 2019 Audited Monetary Assertion (AFS), launched by Dr kennie Obateru, spokesman for the company, in Abuja, on Thursday.
It is going to be recalled that the company in Could revealed its 2018 AFS and guaranteed of fast launched of the 2019 report.
This, In line with NNPC Group Managing Director Malam Mele Kyar was in keeping with effort to make sure transparency and accountability in its operations.
Obateru, quoted the NNPC Chief Monetary Officer (CFO), Mr Umar Ajiya, as saying that the 2019 AFS was concluded 5 months after the discharge of that of 2018.
He mentioned that the 2019 report could be revealed on the Company’s web site for all to see consistent with the administration’s dedication to transparency and accountability.
This, he added was additionally in consonance with the ideas of the Extractive Industries Transparency Initiative (EITI) of which it was a associate.
A breakdown of the report disclosed that common administrative bills additionally witnessed a 22 per cent dip from ₦894bn in 2018 to ₦696bn in 2019.
In line with Ajiya, majority of the subsidiaries posted improved efficiency.
The subsidiaries are the Nigerian Petroleum Growth Firm Restricted (NPDC) which recorded ₦479 billion revenue in 2019 in contrast with ₦179billion in 2018, representing 167 per cent enhance.
“The Built-in Information Sciences Restricted (IDSL) recorded ₦23billion revenue in 2019 in contrast with ₦154million in 2018, representing 14966 per cent enhance and the Petroleum Merchandise Advertising Firm (PPMC) recorded ₦14.2billion revenue in 2019 in contrast with the ₦9.3billion recorded in 2018, representing 52 per cent enhance.
“Additionally, the refineries maintained the identical stage of losses as in 2018 however which can cut back considerably in 2020 attributable to price optimisation drive,” the CFO mentioned.
He additional defined that the improved efficiency within the 2019 monetary yr was pushed primarily by price optimisation, contracts renegotiation and operational effectivity.
“The 2019 AFS goes additional to display our unwavering dedication to the precept of Transparency, Accountability and Efficiency Excellence (TAPE) whereas the outlook for 2020 seems to be promising in view of the administration’s robust drive to prune down operating price and develop revenues,” he mentioned.
The NNPC Group Managing Director, Malam Mele Kyari, had promised to maintain the publication of the AFS as a part of efforts to deepen transparency and accountability and maintain stakeholders abreast of the company’s operations.(NAN)