The revenue of the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has increased to ₦.81 trillion in 2022, corresponding to a growth of 37.32 percent.
The company’s 2022 financial audited statements for the 16-month period ending December 2022, and published on its website, shows that its total assets also increased by 260.48 per cent, from ₦16.27 trillion in 2021 to ₦58.65 trillion.
According to the statement, the company’s group revenue increased by 37.32 per cent, from ₦6.42 trillion in 2021, while its Profit-After-Tax (PAT) reached a record high of ₦2.523 trillion, up 273.9 per cent from ₦674 billion in 2021.
The report further revealed that the profit was divided between the “owners of the company” (₦2.521 trillion) and the “non-controlling interests” (₦1.782 billion).
The audited financial statement said the NNPC Group had ₦21.59 trillion in total current assets and ₦49.35 trillion in total current liabilities as of the end of 2022.
It stated that total liabilities increased by 266.72 per cent, from ₦13.46 trillion in 2021 to ₦49.53 trillion in 2022, while deferred tax liabilities stood at ₦13.23 trillion in 2022.
“Deferred tax assets totalled ₦3.09 trillion during the review period.
“The cost of sales also rose to ₦6.7 trillion in 2022, a 25.47 per cent increase from ₦5.34 trillion in 2021.
“In 2018, the company lost ₦803 billion, with another ₦1.7 billion expected in 2019.
“Reversing the deficit, the organisation made a profit of ₦287 billion in 2020, with another ₦674.1 billion profit expected in 2021,” it said.
