The Nigerian National Petroleum Corporation (NNPC) on Sunday, declared a trading surplus of N43.57 billion from its operations in April 2021, representing a 23.64 per cent increase over the N35.24billion surplus recorded in the previous month of March 2021.
Spokesman of NNPC, Dr Kennie Obateru, said the figure came from the April 2021 edition of its Monthly Financial and Operations Report (MFOR). Trading surplus or trading deficit was 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 percent or N80.67 billion to stand at N535.61 billion.
Similarly, expenditure for the month increased by 17.24 per cent or N72.34billion to stand at N492.05billion, 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).