The National Engineering and Technical Company Limited (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has declared the sum of N6.75 billion as profit before tax for the year ended 31st December 2018.
The disclosure was made by the Board Chairman, Mallam Bello Rabiu during the company’s 29th Annual General Meeting (AGM) which held on Tuesday in Abuja. According to Rabiu, NETCO has made the NNPC proud with the impressive performance recorded in the full year 2018.
PRESS RELEASE: @NNPCgroup's Engineering Subsidiary, NETCO, Records N6.758billion Profit Read more via https://t.co/mpd7j2kM3h pic.twitter.com/PGfJ225lnG
— NNPC Group (@NNPCgroup) June 18, 2019
A Breakdown of the Results: Speaking further, Bello disclosed that NETCO was able to record total profit of N6.758 billion before tax, representing a 107% increase from the N3.26 billion recorded in the year 2017. The profit after also tax stood at N4.597 billion compared to N2.483 recorded in 2017. He said the company was able to actualise this feat despite all the economic challenges the country faced during the year under review.
In the same vein, the Chief Operating Officer of the company added that the operating profit of the company rose by about N2.68 billion, a 130% increase from N2.07 billion recorded in 2017 to N4.75 billion as at year ended December 2018.
Factors that Encouraged Growth: The Chairman attributed the quantum leap performance to the major projects (the Mobil Producing Nigeria Limited Major Integrity Projects (MIPs) EPC m2 and the Nigerian Petroleum Development Company (NPDC) FPSO Mystras Operations & Maintenance Contract) the company undertook within the period under review.
According to Rabiu, profitability was made possible through the enforcement of a cost-reduction measure which was put in place. More so, the doggedness of the management and staff during the period under review also contributed to the positive performance.
“The success was also made possible through the sustained efforts on the part of the company to leverage on the continued strong support of the Shareholders and the Group Managing Director of the NNPC in particular which led to the award of some big-ticket projects“.
Also speaking at the event was the Company’s Managing Director, Engr. Mustapha Yakubu, who said that: “NETCO as a technical and engineering company, was focused on the attainment of the desired level of competitiveness to place it at par with other global companies in the sector.”
Meanwhile, the NNPC subsidiary has announced the sum of N1.50 billion as dividends to its shareholders at the AGM. The dividends is a 100% increase from the N750 million declared in 2017.
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