The Ghana National Petroleum Corporation (GNPC) recorded a profit of $10.681 million in 2021.
This represents a 106.5% improvement over the 2020 loss of $163.391 million.
According to the 2022 Auditor General Report, total income increased by 23.5% from the 2020 amount of $781.105 million to $964.738 million in 2021.
The increase was mainly due to 23.6% increase in revenue from $758.537 million in 2020 to $937.689 million in 2021.
Revenue increase was mainly due to a 47.5% or $94.286 million increase in net share of gas sales.
Total expenditure increased by $9.559 million or 1.0% from $944.497 million in 2020 to $954.057 million in 2021. The increment was mainly due to 5.9% increase in cost of sales from $756.239 million in 2020 to $800.853 million in 2021.
In terms of the balance sheet, Non-Current Assets registered an increase of 1.4% from $1.123 billion in 2020 to $1.139 billion in 2021.The increase was due to a $165.594 million increase in investment in subsidiaries (i.e., Jubilee Oil Holding Company Limited).
Current Assets rose by 39.4% to $1.152 billion in 2021 from $826.830 million and this was due to an increase of 152.1% or $567.622 million in prepayments.
Current Liabilities recorded a 43.4% decrease over the 2020 amount of $941.315 million to $533.057 million in 2021. This was due to a $341.449 million or 54.8% decrease in trade and other creditors.
The current ratio increased to 2.2:1 in 2021 from 0.9:1 and this showed that GNPC could meet its short-term obligations when they fall due.