Nigeria’s Refineries Declare Profit For The First Time In 12 Months

The latest figures from the financial and operations report of the Nigerian National Petroleum Corporation has shown that Nigeria’s three refineries were able to make profit at the close of business in January this year. This is the first time the refineries will be declaring a profit in 12 months.

According to the report, the refineries recorded losses consecutively from February last year up till December; but in January 2016, they made an operating profit of N5.67bn.

The plants are the Warri Refining and Petrochemical Company, Kaduna Refining and Petrochemical Company and Port Harcourt Refining Company.

Although the consolidated revenue of the three refineries indicated an operating profit of N5.67bn, an analysis of the report showed that of the three, only two actually made profits at the close of activities in January.

The two of them, according to the report, are the WRPC and PHRC, while the KRPC recorded a loss.

For specifics, the WRPC and PHRC recorded operating profits of N4.391bn and N3.397bn, respectively, while the KRPC had a loss of N2.118bn.