NNPCL releases 2022 financial statement, records N8.8trn revenue

The Nigerian National Petroleum Company Ltd., NNPCL, says its revenue increased to N.81 trillion in 2022.

The NNPC Ltd. said this in its audited 2022 financial statements for the 16-month period ending December 2022 published on its website.

The report showed that its total assets increased by 260.48 per cent, from N16.27 trillion in 2021 to N58.65 trillion.

It revealed that the NNPC Group’s revenue increased by 37.32 per cent, from N6.42 trillion in 2021.

The report stated that the group’s Profit-After-Tax, PAT, reached a record high of N2.523 trillion, up 273.9 per cent from N674 billion in 2021.

According to the report, the profit was divided between the “owners of the company” (N2.521 trillion) and the “non-controlling interests” (N1.782 billion).

The audited financial statement said the NNPC Group had N21.59 trillion in total current assets and N49.35 trillion in total current liabilities as of the end of 2022.

It stated that total liabilities increased 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 totalled N3.09 trillion during the review period.

“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 lost N803 billion, with another N1.7 billion expected in 2019.

“Reversing the deficit, the organisation made a profit of N287 billion in 2020, with another N674.1 billion profit expected in 2021,” it said.

NAN