The Nigeria National Petroleum Corporation (NNPC) has stated that its subsidiary the National Petroleum Investment Management Services (NAPIMS), reported revenue of N5.04 trillion in 2018 and a profit of N1.01 trillion as against a loss of N1.65 trillion recorded in 2017.
The annual reports and financial statements for the year ended December 31, 2018, were for 20 of its subsidiary companies.
The companies included the Nigerian Petroleum Development Company (NPDC), Warri Refining & Petrochemical Company Limited (WRPC), Port Harcourt Refining Company Limited (PHRC), Kaduna Refining & Petrochemical Company (KRPC), and Integrated Data Services Limited (IDSL), Nigerian Products and Marketing Company Limited (NPMC), Nigerian Pipelines and Storage Company (NPSC).
The others include the National Engineering & Technical Company Limited (NETCO), Nigerian Gas and Marketing Company Limited (NGMC), Duke Oil Services (UK) Limited, Duke Global Energy Investment Limited, Duke Oil Incorporated, NNPC Retail Limited, National Petroleum Investments Management Services (NAPIMS), The Wheel Insurance, NIDAS Shipping Services, NIDAS UK Agency, and NIDAS Marine.
According to NNPC in the report, its refineries recorded combined losses of N154 billion with the Kaduna Refinery recording zero revenue for 2018. This is just as its oil production subsidiary, Nigerian Petroleum Development Company (NPDC), recorded N179 billion after-tax profit for 2018 as against the N157 billion that was made in 2017, indicating an increase of N22 billion.
Its petroleum products marketing subsidiary, the Pipeline Product Marketing Company (PPMC), reported a revenue of N29.5 billion in 2018 as against the N113 billion that was achieved in 2017. It reported a profit after tax of N9.3 billion in 2018 as against a loss of N27 billion that was recorded in 2017.
The report stated that NNPC Retail, which manages the corporation’s various mega filling stations and other retail outlets across the country, reported a modest performance recording a revenue of N236.64 billion compared to about N216.14 billion in 2017.
Of the revenue realised for the year, cost of sales gulped about N212.48 billion, up from N200.86 billion in 2017, with gross profit at N24.16 billion against N15.28 billion in the previous year. Profit for the year for the company stood at a paltry N2.27 billion, marginally up from about N1.82 billion in the previous year.
