Abuja — A subsidiary of the Nigerian National Petroleum Corporation (NNPC), National Engineering and Technical Company Limited (NETCO), Tuesday, disclosed that its operating profit increased by 130 percent from N2.07 billion in 2017 to N4.75 billion in 2018.
Speaking during the 29th Annual General Meeting of the company in Abuja, Chairman of NETCO, Mallam Bello Rabiu, also disclosed that the company grew its revenue by 63 percent from N22.46 billion in 2017 to N36.64 billion in the year under review.
He added that despite the challenges in the industry, the firm was able to record a total profit before tax of N6.75 billion which represents an increase of 107 percent from N3.26 billion in 2017.
He said, “Despite the challenges faced in the industry, NETCO was able to record a total profit before tax of N6.75 billion which represents an increase of 107 percent from N3.26billion in 2017.”
Rabiu explained that owing to the leap in its bottom line, NETCO overshot its last year’s highest dividend record of N750 million, while the company declared a dividend of N1.5 billion to its shareholders at the meeting.
He said that the leap was an increase of 100 percent from the previous year’s dividend.
The chairman, however, attributed the achievements of the company in the year under review to two major projects: Mobil Producing Nigeria (MPN) Major Integrity Projects (MIPs) EPCm2 and NPDC FPSO Mystras Operations & Maintenance Contract.
He added that the improvement was based on its enforcement of cost reduction measures that were adopted during the period with the management and staff doggedness.
Rabiu said that the success was also through the sustained efforts on the part of the company to leverage on the continued strong support of the shareholder and Group Managing Director in particular, which culminated in the award of some big-ticket projects.
NETCO, he said, ensured that the projects were delivered on time, within budget and without compromising quality in service delivery.
On his own part, Managing Director of the company, Engr. Mustapha Yakubu stated that the company braced up to the challenges of the oil and gas industry and worked assiduously on its business portfolio through diversification, intensification of construction management activities and technical collaboration to expand its business frontiers.
Yakubu disclosed that in the 2018 financial year, the company had set for itself a man-hour target of 600,000, which it exceeded by 27.2 percent, resulting in a total man-hour performance of 763,163 through sustained efforts in operations and maintenance activities and other ongoing projects during the period.
For 2019, Yakubu explained that the company had set a target to perform 660,000 man-hours of work, adding that in order to attain the goal, NETCO would relentlessly pursue and explore new opportunities, improve service delivery and create more confidence in its clients and shareholders.