NNPC records ₦43.57bn trading surplus in April

The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦43.57 billion in April 2021 representing a 23.64% increase over the ₦35.24 billion surplus it recorded in March 2021.

This was contained in the April 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), made available to journalists Sunday in Abuja.

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

According to the report, the NNPC Group operating revenue in April 2021, as compared to March 2021, increased by 17.73% or N80.67bn to stand at N535.61bn.

Similarly, expenditure for the month increased by 17.24% or N72.34bn to stand at N492.05bn, while expenditure as a proportion of revenue stood at 0.92, same as last month.

The report attributed the rise in trading surplus to the activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as increase in gas sales.

The positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company (NETCO).