The National Engineering and Technical Company Limited (NETCO) recorded a profit before tax of N3.257 billion for 2017 financial year. A breakdown showed that the company’s revenue increased by 122 per cent to N22.46 billion in 2017 from N10.13 billion in 2016.
Speaking at the Company’s Annual General Meeting (AGM) in Abuja, NETCO Board Chairman, who is also NNPC Chief Operating Officer (COO), Upstream, Mallam Bello Rabiu, noted that the profit before tax decreased by 34 per cent in 2017 compared with N4.90 billion recorded in the previous year.
He stressed that the decrease was attributable to foreign exchange gains which constituted 56 per cent before tax in 2016 as compared to 4.8 per cent gain in 2017. Rabiu said the operating profit of NETCO increased by 134 per cent to N2.07 billion in 2017 from N0.89 billion in 2016.
He noted that the 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.
The COO Upstream said for the first time since the establishment of NETCO, the company was declaring the highest dividend in any given year of N750 million to its shareholders. Group Managing Director of NNPC, Dr. Maikanti Baru, commended the management of NETCO for the unprecedented performance.
He assured the company of his continued support, stressing that based on its performance, he would ensure NETCO got more projects, especially in the gas sector.
Earlier, the outgoing Managing Director of NETCO, Engr. Siky Aliyu, said the company set a target to perform 600,000 man-hours of work in 2018, adding that it would continue to explore new opportunities and improve on service delivery to engender more confidence in its clients and stakeholders.
‘’NETCO management executed a number of collaboration agreements with local and international engineering companies to execute some projects,” he added.