The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a sharp drop in profit after tax, plunging from N905 billion in June to N185 billion in July—a 79.6% decline.
According to its monthly financial report released late Thursday, the company generated N4.41 trillion in July, compared to N4.57 trillion in the previous month.
NNPC’s profit after tax had already slipped from N1.05 trillion in May to N905 billion in June, after recording N926 billion in April. The July figure marks the steepest fall yet, despite a marginal rise in crude oil output from 1.68 million barrels per day to 1.7 mbpd.
Natural gas production also increased slightly to 7.7 billion cubic feet in July, up from 7.58 bcf in June.
The company disclosed that statutory payments for the first half of the year stood at N7.97 trillion.
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