During the 16-month period concluding on December 31, 2022, the Nigerian National Petroleum Company Limited distributed a sum of N156.548 billion as employee benefits, as revealed in its recently published Consolidated and Separate Financial Statements.
The company also reported a total revenue of N8.816 trillion for the same period, and notably achieved a profit of N2.5 trillion in 2022, marking its highest profit since establishment.
Upon scrutinizing the comprehensive financial statements of the oil company on Saturday, it was revealed that NNPCL disbursed N156.548 billion for employee benefits over the 16-month span. The operational cash generated stood at N4.818 trillion. While the exact staff count was indeterminable, the firm reported over 6,600 employees in May 2020 across its headquarters, subsidiaries, divisions, and nationwide offices.
According to the report complying with the Extractive Industries Transparency Initiative’s open data requirements, the firm detailed figures such as income tax paid (N102.56 billion), proceeds from property sales (N90.74 billion), exploration and evaluation assets purchase (N165.64 billion), and oil and gas properties purchase (N984.24 billion).
Further analysis unveiled N2.148 trillion as the net cash used in investing activities, N6.4 billion as the net cash used in financing activities, and a cash and cash equivalents balance of N2.3 trillion on December 31, 2022.
The financial report as of December 31, 2023, indicated a group revenue of N8.816 trillion, profit before income tax of N1.806 trillion, income tax credit of N717.074 billion, a profit for the period of N2.523 trillion, and a total comprehensive income for the period reaching N4.683 trillion.
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