The Pipelines Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) raked in N2.015 trillion from the sale of Premium Motor Spirit (PMS) from November 2019 to November 2020.
Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, who disclosed this in a statement on Sunday said the sale of petrol contributed about 99.9 per cent of the sale of total white products of N2.034 trillion. The statement said this was all contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR) According to Obateru, the trading surplus or trading deficit is derived after the deduction of the expenditure profile from the revenue in the period under review He said: “Total revenues generated from the sale of white products for the period November 2019 to November 2020 stood at N2.034 trillion, where PMS contributed about 99.09 per cent of the total sales with a value of over N2.015 trillion.”
NNPC also announced a trading surplus of ₦13.43billion for the month of November 2020 up by 54 per cent when compared to the ₦8.71billion surplus recorded in October 2020. The report indicated in November 2020, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or ₦0.09billion to stand at ₦423.08 billion. Similarly, expenditure for the month decreased by 1.16 per cent or N4.81billion to stand at N409.65billion leading to the ₦13.43billion trading surplus, said the corporation.
The statement explained that overall, expenditure as a proportion of revenue was 0.97 in November 2020 as against 0.98 in October 2020. It ascribed the 54 per cent increase in trading surplus in the November 2020 MFOR primarily to the substantial decrease in expenditure from the Nigeria Gas Company (NGC) due to cost reduction in overheads, coupled with 38 per cent reduction in NNPC Corporate Headquarters deficit. Besides, Obateru noted that the NNPC Group’s surplus was bolstered by the noticeably improved profits for additional engineering services rendered by the Nigerian Engineering and Technical Company (NETCO) and increased revenue from import activities posted by Duke Oil Incorporated.
The statement reads in part: “These healthy performances dominated the positions of all other NNPC subsidiaries to record the Group surplus. “The report also indicated that export sales of crude oil and gas for the month stood at $108.84m, making a 70.33 per cent increase compared to the last month. ” Crude oil export sales contributed $73.09m (67.15 per cent) of the dollar transactions compared with $12.38 million contributions in the previous month; while the export gas sales Petrol Salesamounted to $35.75 million in the month. “The total crude oil and gas export for the period of November 2019 to November 2020 stood at $2.89bn.
Pingback: สล็อตวอเลท