{"id":31184,"date":"2020-10-15T17:23:23","date_gmt":"2020-10-15T17:23:23","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=31184"},"modified":"2020-10-15T17:23:23","modified_gmt":"2020-10-15T17:23:23","slug":"nnpc-releases-2019-audited-financial-statement","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/nnpc-releases-2019-audited-financial-statement","title":{"rendered":"NNPC releases 2019 audited financial statement"},"content":{"rendered":"<p>Africa Press-Nigeria:<\/p>\n<p>The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement (AFS).<\/p>\n<p>It shows 99.7 percent reduction in its loss profile from \u20a6803bn in 2018 to \u20a61.7bn in 2019.<\/p>\n<p>The publication comes five months after NNPC made its 2018 AFS public.<\/p>\n<p>NNPC spokesman, Kennie Obateru, in a statement on Thursday quoted the Chief Financial Officer, Umar Ajiya, as saying that the 2019 statement will be published on the corporation\u2019s website for transparency.<\/p>\n<p>He said this was in line with the principles of the Extractive Industries Transparency Initiative (EITI).<\/p>\n<p>Ajiya disclosed that general administrative expenses also witnessed a 22% dip from \u20a6894bn in 2018 to \u20a6696bn in 2019.<\/p>\n<p>He said the majority of NNPC subsidiaries posted improved performance namely.<\/p>\n<p>They are Nigerian Petroleum Development Company Limited (NPDC) which recorded \u20a6479Billion profit in 2019 compared to \u20a6179Billion in 2018 representing 167% increase.<\/p>\n<p>The Integrated Data Sciences Limited (IDSL) recorded \u20a623Billion profit in 2019 compared to \u20a6154 million in 2018 representing 14966% increase.<\/p>\n<p>The Petroleum Products Marketing Company (PPMC) recorded \u20a614.2Billion profit in 2019 compared to \u20a69.3Billion in 2018 representing a 52% increase.<\/p>\n<p>NNPC noted that refineries have maintained the same level of losses as in 2018 but will reduce significantly in 2020 due to cost optimization drive.<\/p>\n<p>The CFO explained that the improved performance in the 2019 financial year was driven mainly by cost optimization, contracts renegotiation and operational efficiency.<\/p>\n<p>\u201cThe 2019 AFS goes further to demonstrate our unwavering commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE) while the outlook for 2020 looks promising in view of the Management\u2019s strong drive to prune down running cost and grow revenues\u201d, Ajiya said.<\/p>\n<div class=\"code-block code-block-center code-block-2\">\n<div align=\"center\"><\/div>\n<\/div>\n<p>Mele Kyari, NNPC Managing Director, had promised to sustain the AFS publication as part of efforts to deepen accountability and keep stakeholders abreast of operations.<\/p>\n<nav class=\"jp-relatedposts-i2\" data-layout=\"list\">\n<div class=\"jp-related-posts-i2__row\" data-post-count=\"3\"><\/div>\n<\/nav>\n","protected":false},"excerpt":{"rendered":"<p>Africa Press-Nigeria: The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement (AFS). It shows 99.7 percent reduction in its loss profile from \u20a6803bn in 2018 to \u20a61.7bn in 2019. The publication comes five months after NNPC made its 2018 AFS public. NNPC spokesman, Kennie Obateru, in a statement on Thursday quoted [&hellip;]<\/p>\n","protected":false},"author":62,"featured_media":12315,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[434,351],"class_list":["post-31184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-nnpc","tag-petroleum"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NNPC releases 2019 audited financial statement - Nigeria<\/title>\n<meta name=\"description\" content=\"Africa Press-Nigeria:The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement (AFS).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nnpc-releases-2019-audited-financial-statement\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NNPC releases 2019 audited financial statement\" \/>\n<meta property=\"og:description\" content=\"Africa Press-Nigeria:The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement (AFS).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nnpc-releases-2019-audited-financial-statement\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-15T17:23:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/2019\/07\/nnpc-2-750x375.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nnpc-releases-2019-audited-financial-statement#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nnpc-releases-2019-audited-financial-statement\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"NNPC releases 2019 audited financial statement\",\"datePublished\":\"2020-10-15T17:23:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nnpc-releases-2019-audited-financial-statement\"},\"wordCount\":284,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nnpc-releases-2019-audited-financial-statement#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/2019\/07\/nnpc-2-750x375.jpg\",\"keywords\":[\"NNPC\",\"petroleum\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nnpc-releases-2019-audited-financial-statement#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nnpc-releases-2019-audited-financial-statement\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nnpc-releases-2019-audited-financial-statement\",\"name\":\"NNPC releases 2019 audited financial statement - 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