NNPC records 54% increase in trading surplus for November
The Nigerian National Petroleum Corporation, NNPC, has announced a trading surplus of ₦13.43billion for the month of November 2020 up by 54% when compared to the ₦8.71billion surplus recorded in October 2020.
This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru. The trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review.
The report indicated that in November 2020, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02% or ₦0.09billion to stand at ₦423.08 billion. Similarly, expenditure for the month decreased by 1.16% or N4.81billion to stand at N409.65billion leading to the ₦13.43billion trading surplus.
Overall, expenditure as a proportion of revenue was 0.97 in November 2020 as against 0.98 in October 2020.
The 54% increase in trading surplus in the November 2020 MFOR is primarily ascribed to the substantial decrease in expenditure from the Nigeria Gas Company (NGC) due to cost reduction in overheads, coupled with 38% reduction in NNPC Corporate Headquarters deficit.
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