NNPC Records 54% Increase in Trading Surplus for November

 

 

 

The Nigerian National Petroleum Corporation (NNPC), has announced a 54 percent increase in its trading surplus of ₦13.43billion for the month of November 2020, as against the ₦8.71billion surplus recorded in October 2020.

This was contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), which ascribed the 54 percent increase primarily to the substantial decrease in expenditure from the Nigeria Gas Company (NGC), due to cost reduction in overheads, coupled with 38 percent  reduction in NNPC Corporate Headquarters deficit.

A statement made available to newsmen on Sunday in Abuja by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru , said the trading surplus or trading deficit was derived after deduction of the expenditure profile from the revenue in the period under review.

According to the report, NNPC Group’s operating revenue in November as compared to October 2020, decreased slightly by 0.02% or ₦0.09billion to stand at ₦423.08 billion. Similarly, expenditure for the month decreased by 1.16% or N4.81billion to stand at N409.65billion leading to the ₦13.43billion trading surplus.

Also, the overall, expenditure as a proportion of revenue was 0.97 in November 2020 as against 0.98 in October 2020.

In addition, the NNPC Group’s surplus was bolstered by the noticeable improved profits for additional engineering services rendered by the Nigerian Engineering and Technical Company (NETCO) and increased revenue from import activities posted by Duke Oil Incorporated.