The Nigerian National Petroleum Corporation (NNPC) reported a group loss of N59.4 billion for the month of September 2015. The corporation also reported a loss of N60.6 billion in August 2015 making this the second month of back to back loss. The corporation has now posted a year to date loss of N437.8 billion only.
Highlights of the results
- Revenue for the month of September was N112.5 billion (August: N146.6 billion)
- Revenue Year to date also stood at N1.28 trillion
- A huge chunk of the revenue for 9 months to September 2015 came from PPMC with a revenue of about N945.3 billion.
- However, the PPMC also posted an expenses of N1.2 trillion resulting in a loss of N336.8 billion
- The NNPC also reported that subsidy management accounts for 57% of the value recorded as losses by the corporation due to unrealized revenues of subsidy claims.
- NPDC remained the most profitable arm of the corporation posting a revenue of N216.6 billion and an expense of N139 billion. It therefore reported a profit of N77.6 billion
- NNPC owned refineries also reported a combined loss of N60.2 billion, incurring an expense of N60.8 billion compared to a revenue of just N580 million
The NNPC before now did not report its profit and loss statement and only just started since Emmanuel Kachikwu became the Boss of the corporation.