The Nigerian National Petroleum Company (NNPC) says its revenue reached N8.81 trillion in 2022.
The national oil company made this disclosure in its audited financial statements for the 16 months ending December 2022.
The document, released on Thursday, showed that the NNPC Group’s revenue increased by 37.32 percent, from N6.42 trillion in 2021.
According to the report, the group’s profit-after-tax (PAT) reached a record high of N2.523 trillion, up 273.9 percent from N674 billion in 2021.
The profit was divided between the “owners of the company” (N2.521 trillion) and the “non-controlling interests” (N1.782 billion).
According to the audited financial statement, the NNPC Group had N21.59 trillion in total current assets and N49.35 trillion in total current liabilities as of the end of 2022.
The company stated that its total assets increased by 260.48 percent, from N16.27 trillion in 2021 to N58.65 trillion.
On the other hand, total liabilities increased by 266.72 percent, from N13.46 trillion in 2021 to N49.53 trillion in 2022.
Furthermore, while deferred tax liabilities stood at N13.23 trillion in 2022, deferred tax assets totalled N3.09 trillion during the review period.
The cost of sales also rose to N6.7 trillion in 2022—a 25.47 percent increase from N5.34 trillion in 2021.
In 2018, the state-owned oil company lost N803 billion, with another N1.7 billion expected in 2019.
Reversing the deficit, the organisation made a profit of N287 billion in 2020, with another N674.1 billion profit expected in 2021.
The release of the 2022 audited financial statement comes as NNPC faces pressure from various stakeholders to open its books for scrutiny.
