NETCO records N5.1 billion profit in two financial years
The National Engineering and Technical Company Limited (NETCO), has recorded a profit after tax of N5.1billion for 2015 and 2016 financial years.The breakdown showed that N1.4billion was recorded for 2015, while N3.7billion was recorded for 2016.
Speaking at the company’s annual general meeting in Abuja, NETCO Board Chairman, Bello Rabiu, lauded the feat, despite the harsh economic realities, adding that the achievement is a fallout of efforts by the Nigerian National Petroleum Corporation (NNPC), to turn its Autonomous Business Units (ABUs) to profit centres.
He noted that the success has proved that if given the necessary support by the shareholders, the company has the potential and capability to do even better, especially now that the economy has exited recession.
Rabiu, on behalf of the shareholders, expressed appreciation to the NNPC management and other stakeholders for believing in NETCO through their support, and ensuring required patronage for sustained growth, while also commending NETCO management and staff for their continued efforts to sustain the confidence of the shareholders and stakeholders.
Earlier, the Managing Director of NETCO, Siky Aliyu, recalled that in 2015, the company won four new contracts, and executed nine projects, and recorded 374,000 man-hours.
He also said the company did well in 2016 with another nine projects with total man-hours of 390,000, despite the downturn in the nation’s oil and gas industry.
The highpoint of the meeting was the presentation of N610million dividend cheque to the Group Managing Director, NNPC, Dr. Baru, by Rabiu for the 2015 and 2016 financial years.
A visibly elated Baru applauded NETCO for making profit in the face of drop in crude oil prices, adding that the NNPC management would continue to drive it not only to be an engineering company of choice, but to also become a procurement and construction outfit of repute.
It is indeed with pleasure that I am receiving this N610million dividend cheque from NETCO. This is a symbol that we are driving the company in the right direction despite the downturn in crude oil prices. We are also driving NETCO to diversify its operation to procurement and construction, and it is my hope that the N610million would soon become $610million,” Baru enthused.
NETCO was established in 1989, to acquire engineering technology through direct involvement in all aspects of engineering in the oil, gas and non-oil sectors of the economy. It is Nigeria’s premier indigenous engineering company with the strategic vision of providing basic and detailed engineering, procurement, construction supervision, and project management services, using state of the art technology.
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