Uche Usim, Abuja
The National Engineering and Technical Company Limited (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), on Tuesday released its 2018 operating report, announcing a profit of N4.75 billion. The figure represents a 130 percent increase from N2.07 billion recorded in 2017.
Speaking at its 29th annual general meeting in Abuja, the Chairman of the company, Mallam Bello Rabiu, noted that in the previous year, NETCO’s revenue rose by 63 per cent (N2.68billion) from N22.46billion to N36.64 billion in the year under review. He added that despite the challenges in the industry, it was able to record a total profit before tax of N6.75 billion representing an increase of 107 per cent from N3.26billion in 2017.
He said: “Despite the challenges faced in the industry, NETCO was able to record a total profit before tax of N6.75billion which represents an increase of 107 per cent from N3.26billion in 2017.
“The company’s revenue also increased by 63per cent from N22.46billion in the previous year to N36.46billion in the year under review. The operating profit of the company increased by 130per cent (N2.68billion) from N2.07billion in 2017 to N4.75billion in 2018.” Owing to the leap in profit performance, Rabiu said, NECTO overshot its last year’s highest dividend record of N750 million, and declared a dividend of N1.50billion to its shareholders at the meeting. He said that the leap was an increase of 100 percent dividend from the previous year. The chairman however attributed the achievements in the year under review to two major projects namely Mobil Producing Nigeria (MPN) Major Integrity Projects (MIPs) EPCm2 and NPDC FPSO Mystras Operations & Maintenance Contract; and the enforcement of cost reduction measures that were adopted during the period with the management and staff doggedness.