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NETCO posts N3.257bn profit, declares N750m dividend

The National Engineering and Technical Company Limited (NETCO), on Friday in Abuja, said it recorded a profit before tax of N3.257 billion for the 2017 financial year.

According to a statement by Mr Ndu Ughamadu, the spokesman, Nigerian National Petroleum Corporation (NNPC), said a breakdown of the figure showed that its revenue increased by 122 percent.

Mr Ughamad said the revenue increased from N10.13 billion in 2017 to N22.46 billion in the year under review.

Quoting Mr Bello Rabiu, the NETCO board Chairman, Ughamadu said the operating profit of NETCO increased by 134 percent, from N0.89 billion in 2016 to N2.07 billion in 2017.

According to Ughamadu, the profit before tax decreased by 34 percent in the year under review when compared to N4.90 billion in 2017.

He stated that the decrease was attributable to the foreign exchange gains which constituted 56 percent before tax in 2016, compared to 4.8 percent gain in 2017.

The NNPC spokesman said for the first time since the establishment of NETCO, the company declared a dividend of N750 million to its shareholders, the highest dividend in any given year

Ughamadu said the board chairman attributed the remarkable figures to “strong support from the Group Managing Director of the NNPC and that of the shareholders.

“This is in addition to the award of some big-ticket jobs which NETCO delivered on time within budget, and without compromising on the quality of service delivery made it possible for the remarkable figures.

“The performance has reinforced the confidence of all stakeholders that given the right environment, NETCO is poised for greater heights,” said Ughamadu.

According to Ughamadu, the Group Managing Director of NNPC, Dr Maikanti Baru, commended the management of NETCO for the unprecedented performance and received the cheque for the dividend.

NETCO, a subsidiary of NNPC, was established in 1989 to acquire engineering technology through direct involvement in all aspects of engineering in the oil and gas and non-oil sectors of the economy.

NETCO is an 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.

It recently added construction and procurement to its portfolio.

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