The Nigerian National Petroleum Corporation (NNPC) has published its Audited Financial Statements (AFS) for the year 2020, thereby stating that the corporation’s group revenue for 2020 was N3.718 trillion, a decrease from N4.634 trillion in 2019.
This was contained in a statement by the Group General Manager, Public Affairs Division, Garba Deen Muhammad.
According to Muhammad, the decrease was as a result of decline in production and fall in the price of crude oil due to the global impact of COVID-19.
“In compliance with the president’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements.
“Among the highlights of the 2020 AFS is the corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years,” he said.
The AFS further revealed that while the corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.
The group working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019.