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.
About The Author
More Stories
Petrol Still Cheaper In Nigeria Than USA Despite Fuel Subsidy Removal — Minister of State for Petroleum, Heineken Lokpobiri
NLC supports workers’ demand for ₦500 per litre petrol and ₦500,000 minimum wage
Mambilla Power Project: Sunrise Promoter Reveals He Paid $500,000 To Atiku’s Ex-Wife During Mambilla Negotiations In 2003