Despite declaring a profit in its operations for the 2020 financial year, published audited financial statement of the Nigerian National Petroleum Corporation, NNPC, has shown that its revenue fell by 19.76 percent in 2020 to N3.718 trillion from N4.634 trillion declared in 2019.
The Corporation had last week declared that it recorded a N287 billion profit after tax last year, the first since it was established 44 years ago. It recorded a trading loss of N1.7 billion in 2019.
A statement by the Corporation attributed the fall in revenue to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic.
Further highlights of the financial statement revealed that while the Corporation’s group financial position increased in total current assets by 18.7 percent compared to that of 2019, its total current liabilities increased by 11.4 percent within the same period.
The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the report stated.