NNPC records 54% increase in monthly trading surplus

The Nigerian National Petroleum Corporation has announced a trading surplus of N13.43 billion for November 2020, up by 54 percent compared to the N8.71 billion recorded in October.

This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report, according to a statement on Sunday by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru,

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

The report indicated that in November, NNPC Group’s operating revenue decreased slightly by 0.02 percent or N0.09 billion to N423.08 billion, compared to the previous month.

Its expenditure decreased by 1.16 percent or N4.81 billion to N409.65 billion, leading to the N13.43 billion trading surplus.

According to NNPC, the 54 percent increase in trading surplus in the November is primarily ascribed to the substantial decrease in expenditure from the Nigeria Gas Company due to cost reduction in overheads, coupled with 38 percent reduction in NNPC Corporate Headquarters deficit.

It said the surplus was also bolstered by the noticeable improved profits for additional engineering services rendered by the Nigerian Engineering and Technical Company and increased revenue from import activities posted by Duke Oil Incorporated.

“These healthy performances dominated the positions of all other NNPC subsidiaries to record the group surplus,” the corporation said.