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Nigerian Nationwide Petroleum Firm Restricted recorded a revenue after tax of N2.5 trillion for the 16 months to December 2022, its newest audited financials present.
The brand new report breaks away from the earlier custom that set the annual monetary 12 months finish of the oil agency at round August, with subsequent financials prone to observe a 12-month cycle ending on 31 December like most corporations.
Income for the interval stood at N8.8 trillion, greater than half of that equipped by proceeds from refined petroleum product gross sales.
But, the contribution of that earnings supply would have been greater if not for the depleting impact of PMS Underneath Restoration, which accounts for the money used for subsidising petrol, on income.
The corporate spent N2.4 trillion throughout the interval on gas subsidies, which President Bola Tinubu abolished at his inauguration final Could as a result of it had been an enormous drain on the federal government’s purse.
Gas subsidies had been the one largest expense incurred by NNPC throughout the interval, alone accounting for 35.8 per cent of the price of gross sales.
Underneath common and administrative bills which totalled N1.7 trillion, the associated fee described as “different bills” stays a gray space needing additional clarification from the corporate, given its significance as the most important value on this part, gulping as a lot as N496.4 billion.
Revenue earlier than tax for the interval stood at N1.8 trillion.
ALSO READ: NNPC seeks personal operators for Port Harcourt refinery
The group realised N2.2 trillion from trade variations in translation of international operations, made attainable by elevated worth from earnings in foreign currency after conversion to naira.
NNPC issued its first audited accounts for the primary time in 43 years in 2020 and transitioned right into a restricted legal responsibility firm two years later as a part of efforts to free the monolithic enterprise from authorities management.
Its push to turn into a publicly traded firm has stalled after lacking the goal to launch its preliminary public providing final 12 months.
Impartial auditor PwC didn’t elevate any key audit challenge in its report connected to the doc.
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