The Nigerian National Petroleum Corporation (NNPC) made history on Friday with the publication of its first audited financial statements after 43 years of its operation.
The annual reports and financial statements for the year ended December 31, 2018, were for 20 of the state-owned national oil company’s subsidiary companies operating within and outside the countrylast Friday included the Nigerian Petroleum Development Company , Warri Refining & Petrochemical Company Limited , Port Harcourt Refining Company Limited , Kaduna Refining & Petrochemical Company , and Integrated Data Services Limited , Nigerian Products and Marketing Company Limited ,...
On assumption of office last year, Mr Kyari pledged to open the NNPC financial books to the public as part of his management’s commitment to openness, transparency, and accountability in line with the global EITI principles. Also, Port Harcourt Refining and Petrochemical Company Limited posted a loss of over N46.62 billion during the year, although better than over N57.8 billion loss reported in 2017.
Its gross profit was N339.1 billion compared to about N398.7 billion in 2017, while its operating profit was N278.7 billion, up from N252.2 billion in 2017. Also, finance costs dropped to N19.93 billion, from N34.7 billion in 2017.
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