NNPC Ltd. Records N8.8trn As Revenue In 2022

The Nigerian National Petroleum Company Limited (NNPCL) increased its revenue profile by 37.2 per cent, from N6.42 trillion in 2021 to N8.81 trillion in 2022, its latest Audited Financial Statement (AFS) released on Friday revealed.

The national oil company disclosed this in its audited financial statements for the 16 months ending December 2022.

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).

 

Analysis of the audited financial statement revealed 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.

The company said its total assets increased by 260.48 per cent from N16.27 trillion in 2021 to N58.65 trillion.

On the other hand, total liabilities also rose by 266.72 per cent from N13.46 trillion in 2021 to N49.53 trillion in 2022.

Also, while deferred tax liabilities stood at N13.23 trillion in 2022, deferred tax assets amounted to N3.09 trillion in 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 state-owned oil company 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.