The retail section of the Nigerian National Petroleum Company Ltd – NNPC Retail, sold N283.6 billion worth of petrol, diesel, kerosene, gas and lubricants across its 550 stations in 2021, rising by N83.3bn than the N200.3bn worth of products it sold in 2020.
According to its audited statement for the 2021 fiscal year, NNPC Retail’s revenue was N283.586bn last year, higher than the N200.264bn in 2020. The subsidiary said it spent N2.273bn on operating activities which was lower than the N5bn it spent earlier.
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Its profit before tax was N5.568bn, a drop from N5.594bn recorded in 2020; the net profit was N4.898bn which was about N3bn higher than the N1.486bn it posted in the previous year. Its retained earnings for 2021 was N12.882bn, which more than doubled the N5.139bn it posted for the item in 2020.
NNPC Retail was created in 2002 as a corporate strategic unit of NNPC and became a limited liability company in 2009 as a NNPC subsidiary. The unit started business in January 2002 with just a retail station acquired from defunct Texaco Nigeria at Ikoyi Lagos which then became its first mega station before opening another in Abuja in December of the same year.
According to the audit report, the NNPC retail stations grew from two in 2002 to 550 stations in 2021. On July 19, 2022, the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, promised to grow the stations to 1,500 within six months, expectedly by December, 2022. On October 1, NNPC acquired all 380 stations under the Oando brand operated by OVH Energy both in Nigeria and in Togo. So far, the NNPC retail stations have reached about 920 units.
According to a Daily Trust analysis of its 12-month trading report, the white product sales attracted N282.3bn, gas and cylinder sales fetched N729.9m and lubricants brought N511.3m fund, totaling N283.596bn trade in 12 months.
The 550 NNPC Retail stations traded N230.6bn worth of Premium Motor Spirit (PMS) or petrol in 2021 which rose by N72.5bn from the N158.1bn petrol sales in 2020.
The next sale was Automotive Gas Oil (AGO) or diesel which NNPC Retail sold N45.3bn worth of, a figure slightly higher than the N39.9bn it derived from diesel sale the previous year.
Sales of Dual Purpose Kerosene (DPK) was N6.3bn but higher than the N1.3bn kerosene sold across the NNPC Retail stations in 2020.
The government-owned subsidiary realised N729.9 million from the sales of Liquefied Petroleum Gas (LPG) or cooking gas and cylinders and that was more than the 558.2m trade volume for the 2022 fiscal year.
NNPC Retail also sold N511.3m worth of lubricants in 2021 much more than the N254.8m lubricants sold the previous year.
Further analysis of the trade location indicates that the highest sales of product in 2021 by the 550 NNPC Retail stations was recorded in the North East region after selling N86.9bn products of which petrol, diesel and kerosene accounted for N86.8bn of the sales with gas bringing N24.1m and lubricants at 32.4m.
The next was the South West including Lagos which had N69.1bn sales: white products (petrol, diesel and kerosene) had N68.9bn, gas and cylinder had N190m and lubricants was N63.1m.
The North Central zone including Abuja had N54.2bn: white product revenue was N53.9bn, LPG was N180.7m and lubricants revenue was 162.2m.
In the North West, N45.6bn worth of products were traded; N45.4bn was from white products, N127.6m from LPG and N41.8m from lubricants.
NNPC Retail got N25.1bn revenue from the South South of which white products’ revenue was N24.8bn, LPG was N141.9m and lubricants fetched N157.2m.
Only N2.4bn worth of product was sold in the South East of which petrol, diesel and kerosene revenue was N2.3bn; NNPC sold N64.7m of cooking gas and cylinders in the region and N54.4m worth of lubricants.
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