NNPC Posts 80.12% Increase In Trading Surplus

The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 80.12% in trading surplus for the month of December 2020 which stands at ¦ 24.19billion compared to the ¦ 13.43billion surplus recorded in November, 2020.
This is contained in the December, 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, yesterday.
Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review.
According to the report, the operating revenue of the NNPC Group in December, 2020 as compared to November 2020 increased by 33.44% or N137.00billion to stand at N546.65billion.
Similarly, expenditure for the month increased by 27.54% or N112.81billion to stand at N522.47billion.
The December, 2020, expenditure as a proportion of revenue is 0.96 as against 0.97 in November, 2020.
The report indicated that the 80.12% increase is due mainly to the significant rise in the profit of NNPC’s flagship Upstream entity, the Nigerian Petroleum Development Company (NPDC) amid improved market fundamentals and strong global demand for crude oil.
Other contributory factors to the robust trading surplus recorded in the month under review include the improved performance by the Nigerian Gas Marketing Company (NGMC), the Petroleum Products Marketing Company (PPMC), the National Engineering and Technical Company (NETCO) and Duke Oil Incorporated which recorded noticeable gains in their operations.
In the Downstream, 2.26 billion litres of white products were sold and distributed by PPMC in the month of December, 2020 compared to 1.72 billion litres in the month of November, 2020.