NNPC Rakes In Record N8.8trn Revenue In 2022

The Nigerian National Petroleum Company Limited, (NNPCL), has said it realised N8.81 trillion as revenue in 2022.

According to the financial statement posted on its website, revenue of NNPC Group rose by 37.32 per cent — from N6.42 trillion in 2021 to N8.81 trillion in 2022.

The company disclosed this in its audited financial statements for the 16-month period ending December 2022, following pressure from various stakeholders for it to open its books for scrutiny.

According to the report, the group’s profit-after-tax (PAT) rose to its highest level at N2.523 trillion — a 273.9 per cent increase from the N674 billion recorded in 2021.

The profit was attributed to the “owners of the company” (N2.521 trillion) and “non-controlling interests” (N1.78 billion).

Further breakdown showed that NNPC Group had a total current assets of N21.59 trillion and a total current liabilities of N49.35 trillion at the end of 2022, while its total assets increased by 260.48 percent from N16.27 trillion in 2021 to N58.65 trillion.

In addition, total liabilities also rose by 266.72 per cent from N13.46 trillion in 2021 to N49.53 trillion in 2022.

While deferred tax liabilities stood at N13.23 trillion in 2022, deferred tax assets amounted to N3.09 trillion in the review period, the report showed.

The cost of sales also rose to N6.7 trillion in 2022 — a 25.47 per cent increase from N5.34 trillion in 2021.

In 2018, the company had posted a loss of N803 billion and N1.7 billion in 2019.

Reversing the deficit, in 2020, the organisation posted a profit of N287 billion, progressing to record another N674.1 billion profit in 2021.

The NNPC is a member of the Extractive Industries Transparency Initiative (EITI), a global body that promotes the open and accountable management of oil, gas and mineral resources.

The NEITI has expressed deep concern about the relapse in the company, especially in the aspect of public disclosures.

The 2022 audited financial statement was released after a meeting with a team from EITI on Thursday.