NNPC Reports N4.655trn Revenue, N539bn Profit in August

The Nigerian National Petroleum Company (NNPC) reported a revenue of N4.655 trillion in August, with a profit after tax (PAT) of N539 billion. The PAT significantly rose from N185 billion in July.

However, there were declines in crude oil and condensate production, natural gas production, and sales in August compared to the previous month. The company attributed these reductions to maintenance activities.

Despite the operational challenges, NNPC's statutory remittance to the Federation increased. The report also highlighted a drop in crude oil and condensate sales.

Overall, NNPC's financial performance in August showed mixed results with increased revenue but operational challenges affecting production and sales.