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Economy

NNPC revenue increases by 17.73% in April- Report

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By Gistflash News

Aug 8, 2021

The Nigeria National Petroleum Corporation (NNPC) says its group operating revenue in April increased by 17.73 per cent amounting to N535.61 billion.

The Corporation disclosed this in its Monthly Financial and Operations Report (MFOR) for the month of April 2021 released in Abuja, on Sunday.

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“The NNPC Group operating revenue in April 2021, as compared to March 2021, increased by 17.73 per cent or N80.67bilion to stand at N535.61bn.

“Similarly, expenditure for the month increased by 17.24per cent or N72.34billion to stand at N492.billion, while expenditure as a proportion of revenue stood at 0.92, same as last month,’’ it said.

It also revealed that the corporation recorded a trading surplus of ₦43.57billion in April, representing a 23.64 per cent increase over the ₦35.24bn surplus it recorded in the previous month of March.

Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

The report attributed the rise in trading surplus to the activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC) such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company) as well as increase in gas sales.

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It noted that the positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company (NETCO).

In the Downstream it revealed that a total of 1.67billion litres of Premium Motor Spirit (PMS) translating to 55.79mn liters/day were supplied in the month under review.

The report also showed a 34.29 per cent reduction in the number of pipeline points vandalised from 70 in the previous month of March 2021 to 46 in April 2021.

“While Port Harcourt area accounted for 54 per cent, Mosimi area accounted for 46 per cent of the vandalised points,’’ it said.

In the Gas sector, the report noted that a total of 209.27billion cubic feet (bcf) of natural gas was produced in the month under review, translating to an average daily production of 6,975.72million standard cubic feet per day (mmscfd).

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“For the period of April 2020 to April 2021, a total of 2,902.52bcf of gas was produced, representing an average daily production of 7,369.76mmscfd during the period.

“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 62.07 per cent, 19.95 per cent and 17.98 per cent respectively to the total national gas production,’’ it added.

In terms of natural Gas off-take, commercialisation and utilization, it said that out of the 206.40bcf supplied in April, a total of 126.83bcf of gas was commercialised consisting of 42.92bcf and 83.91bcf for the domestic and export markets respectively.

It said this translated to a total supply of 1,430.90mmscfd of gas to the domestic market and 2,976.94mmscfd of gas supplied to the export market for the month.

“This implies that 61.45per cent of the average daily gas produced was commercialised, while the balance of 38.55 per cent was either re-injected used as upstream fuel gas or flared.

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“ Gas flare rate was 9.74per cent for the month under review (i.e. 670.19mmscfd) compared with average gas flare rate of 7.42 per cent (i.e. 542.22mmscfd) for the period of April 2020 to April 2021,’’ it said.

The report further noted that a total of 795mmscfd was delivered to gas-fired power plants in the month of April to generate an average power of about 3,416 MW.

The April MFOR is the 69th edition of the publication.

NAN

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Economy

Trading on NGX rebounds by N3bn

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By Gistflash News

Sept 14, 2021

The Nigerian Exchange (NGX) closed trading on Tuesday in green to halt the six-day consecutive bearish trend with a marginal growth of N3 billion.

The market upturn was due to investors’ renewed buying interest in the financial and industrial sectors.

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Consequently, the market capitalisation inched higher by N3 billion or 0.01 per cent to close at N20.278 trillion from N20.275 trillion achieved on Monday.

Also, the All-Share Index grew by 4.88 points or 0.01 per cent to close at 38,920.50 against 38,915.62 on Monday.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; UACN, Dangote Sugar Refinery, Africa Prudential, Oando and University Press.

Analysts at Afrinvest Limited said that “In the next trading session, we anticipate a negative performance as market remains short of a positive catalyst.”

However, the market breadth closed negative recording 21 losers as against 14 gainers.

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UACN Property Development Company led the gainers’ chart in percentage terms by 9.93 per cent to close at N1.66 per share.

Academy Press followed with 8.33 per cent to close at 39k, while Courteville Business Solutions appreciated by 7.41 per cent to close at 29k per share.

Vitafoam went up by 3.88 per cent to close at N17.40, while Livestock Feeds appreciated by 2.88 per cent to close at N2.14 per share.

On the other hand, Sovereign Trust Insurance led the losers’ chart in percentage terms by 7.41 per cent to close at 25k per share.

University Press followed with 6.42 per cent to close at N1.02, while Regency Alliance Insurance shed 6.25 per cent to close at 45k per share.

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UACN lost 4.85 per cent to close at N9.80, while Chams declined by 4.55 per cent to close at 21k per share.

Meanwhile, the total volume rose by 13.6 per cent to 228.48 million shares worth N1.88 billion traded in 3,376 deals.

This was in contrast with 201.10 million shares valued at N2.53 billion achieved in 3,340 deals on Monday.

Transactions in the shares of Wema Bank topped the activity chart with 46.76 million shares worth N35.97 million.

Access Bank followed with 28.24 million shares valued at N263.49 million, while United Bank of Africa sold 17.77 million shares worth N135.08 million.

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Mutual Benefits Assurance traded 17.24 million shares valued at N4.88 million, while Fidelity Bank transacted 14.80 million shares worth N36.07 million.

NAN

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Economy

Fidelity Bank grows PBT by 72.4% in 6 months

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By Gistflash News

Sept 12, 2021

Fidelity Bank Plc has posted a profit before tax (PBT) of N20.6 billion for the six months ended June 30, 2021.

The Managing Director/Chief Executive Officer of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, disclosed this in the bank’s audited half-year (H1) results released to the Nigerian Exchange (NGX) Limited on Sunday in Lagos.

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Onyeali-Ikpe said that the bank’s PBT represented a 72.4 per cent growth when compared to N12.0 billion recorded in the comparative period of 2020.

She added that profit after tax (PAT) rose to N19.31 billion from N11.30 billion recorded in the corresponding period.

She said the growth was on the Back of Increased customer transactions and improved operational efficiency.

“We sustained our impressive financial performance with double-digit growth in profit as increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate cost-to-serve,” she said.

Onyeali-Ikpe also said that the financial result for the period indicated that Gross Earnings increased by 6.2 per cent Year-on-Year (YoY) to N112.3 billion on account of 27.8 per cent growth in Non-Interest Revenue (NIR) to N23.8 billion from N18.1 billion in H1 2020.

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She added that the bank’s NIR was driven by strong growth in commission on banking services by 57.7 per cent, account maintenance charges by 50.6 per cent, digital banking income by 49.4 per cent and trade income by 33.7 per cent among others.

Total customer induced transactions across all distribution channels increased by 58.0 per cent YoY and 21.2 Per cent QoQ.

The bank showed a good appetite in funding the real sector with net loans and advances increasing by 15.8 per cent YTD to N1.53 billion from N1.32 billion in 2020FY.

However, the actual growth was 14.7 per cent while the impact of the currency adjustment (2020FY: N400.3/dollars-H1 2021: N410.6/dollars) accounted for a 1.1 per cent YTD growth in the loan book. Cost of risk came in at 0.3 per cent and the NPL ratio (stage 3 loans) dropped to 2.8 per cent from 3.8 per cent in 2020FY.

Other regulatory ratios remain well above the minimum requirement: capital adequacy ratio at 18.8 per cent from 18.2 per cent in 2020FY.

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Total Deposits increased by 16.5 per cent YTD to N1.98 billion from N1.69 billion in 2020FY, driven by increased deposit mobilisation across all deposit types.

“Digital Banking gained further traction as we now have 55.1 per cent of our customers enrolled on the mobile/internet banking products and 89.3 per cent of customer-induced transactions were done on digital platforms.”

She also explained that the bank’s foreign currency deposits increased by 23.1 per cent YTD at 149 million dollars and now accounted for 18.5 per cent of total deposits from 17.5 per cent in 2020FY.

According to her, this is  as the bank continues to harness the benefits of its renewed drive in the diaspora banking space.

“We look forward to sustaining the current momentum in H2 by optimising our balance sheet and lowering our cost–to–serve.

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“This will translate to improved earnings while we remain committed to our medium to long-term strategic objectives,”  Onyeali-Ikpe said.

NAN

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Economy

Desist from Foreign Exchange malpractices, CBN warns commercial banks

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By Gistflash News

Sept 11, 2021

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to always observe due diligence and desist from all forms of malpractices in foreign exchange (FX) transactions.

The apex bank gave the warning in a letter by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the DMBs.

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Nnaji urged the banks to, not only ensure to know their customers, but also to know their customers ‘ businesses.

She said  the directive was necessitated by recent occurrences in the FX market.

“The CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers’ businesses (KYCB requirements).

“Given this responsibility , and in view of recent occurrences in the market, the CBN will like to remind banks to desist from all forms of FX malpractices.

“We wish to reiterate that FX operating licences of any bank or banks that are found culpable with ongoing investigations will be suspended for at least one year,” the director said.

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She urged all the DMBs concerned to take note and ensure compliance. (

NAN

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