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Earnings From Upstream Subsidiaries Boost NNPC’s Trading Surplus By 352% To N37.5bn

The Nigerian National Petroleum Company Limited has announced a trading surplus of N37.5bn for the month of September 2021, representing a 352.35 per cent increase from the N8.29bn surplus in August 2021.

Details of the figures contained in the September 2021 NNPC Monthly Financial and Operations Report indicate that the rise in trading surplus was largely due to the increased earnings of NNPC’s Upstream subsidiary, the Nigerian Petroleum Development Company.

Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review.

Thus, in September 2021, NNPC Group’s operating revenue as compared to August 2021, reduced by 29.87 per cent or N191.90bn to stand at N450.45bn. Similarly, expenditure for the month decreased by 34.87 per cent or N221.11bn to stand at N412.92bn.

Expenditure as a proportion of revenue in the month under review stood at 0.92 per cent, compared to last month’s 0.99 per cent.

The report also shows a total crude oil and gas export receipt of $348.63m in September 2021 as against $224.29m in August 2021.

Receipts from crude oil amounted to $8.38m while gas and miscellaneous receipts stood at $55.25m and $285m respectively.

Culled from the Whistler Nigeria

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