Despite the oscillating nature of oil prices, the National Engineering and Technical Company Limited (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) on Friday, declared a Profit Before Tax (PBT) of N3.257 billion for the 2017 financial year.
The breakdown shows that the company’s revenue increased by 122 per cent from N10.13 billion in the previous year to N22.46 billion in the year under review.
Speaking at the company’s 2017 Annual General Meeting (AGM) held at the Nigerian National Petroleum Corporation (NNPC) Towers in Abuja, NETCO Board Chairman, who doubles as the NNPC Chief Operating Officer, Upstream, Bello Rabiu, said the operating profit of NETCO increased by 134 per cent, from N0.89 billion in 2016 to N2.07 billion in 2017.
Rabiu noted that the impressive result was the outcome of improved performance in project execution and cost reduction measures put in place during the period, in addition to and the new addition of construction and procurement portfolios in the company’s activities basket.
He however stated that the profit before tax decreased by 34 per cent in the year under review, when compared with N4.9 billion of the previous years, stressing that the decrease was attributable to the foreign exchange gains, which constituted 56 per cent before tax in 2016, as compared to 4.8 per cent gain in 2017.