Nepal Oil Corporation (NOC) Reports Profit For Sixth Straight Year
July 13, 2020 | Investopaper
Nepal Oil Corporation (NOC) has been making profit for the last six years. The corporation has started making profit after implementing automatic price system along with the fluctuation of prices in the international market. It has earned Rs 67 billion during this period. NOC has made a estimated profit of Rs. 10.86 billion in the fiscal year 076/77 alone.
As per the statistics, NOC has paid Rs 15.13 billion in customs duty in the current fiscal year. The total tax revenue paid by the corporation was Rs 65 billion. The corporation had been running at a loss since 2059/60 due to inability to adjust prices according to the international market. It had supplied fuel by taking loans after reaching extreme losses. NOC had repeated debts of Rs 36.86 billion. Since then, the corporation was in a constant loss.
In FY 2065/66, the corporation had made a profit of Rs. 3.11 billion. After that, it operated in constant loss again. With the fall of price in the international market, it made a profit of Rs. 15.04 billion in FY 2071/72. Similarly, NOC earned a profit of Rs 19.36 billion in FY 2072/73.
The corporation has earned a profit of Rs. 9.45 billion in 2073/74, Rs. 3.58 billion in 2074/75 and Rs. 8.75 billion in 2075/76. The price adjustment could not take place in 2074/75 due to the Constituent Assembly elections.
Nepal Oil Corporation has a turnover of Rs 240 billion in the current fiscal year. Out of which, Rs 147 billion has been paid to the Indian Oil Corporation. Last year, it had paid Rs 193 billion.
Profit/Loss Of Nepal Oil Corporation (NOC)
| Fiscal Year | Profit/Loss |
| 2069/70 | Rs 2.05 Arba Loss |
| 2070/71 | Rs 8.30 Arba Loss |
| 2071/72 | Rs 15.04 Arba Profit |
| 2072/73 | Rs 19.36 Arba Profit |
| 2073/74 | Rs 9.45 Arba Profit |
| 2074/75 | Rs 3.58 Arba Profit |
| 2075/76 | Rs 8.75 Arba Profit |
| 2076/77 | Rs 10.86 Arba Profit [Estimated] |
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