NNPC SUBSIDIARY NETCO!!! AS THEY RECORDS N5.1BN PROFIT FOR 2015, 2016 FINANCIAL YEAR…SEE
Christian Rowland writing for ODOGWU MEDIA...The National Engineering and Technical Company Limited (NETCO), a subsidiary of NNPC, has recorded a profit after tax of N5.1 billion for 2015 and 2016 financial years.
The breakdown shows that N1.4 billion was recorded for 2015 while N3.7 billion was recorded for 2016.
The company 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.
Speaking at the company’s annual general meeting held in Abuja, NETCO board chairman, Mr. Bello Rabiu, lauded the feat achieved by NETCO, despite the harsh economic realities.
The NETCO chairman said the company’s profit was boosted by the resolve of the NNPC’s Group Managing Director, Dr. Maikanti Baru, and Top Management Committee (TMG) of the corporation to transform NNPC (Autonomous Business Units (ABU’s) to profit centres.
Mr Rabiu, on behalf of the shareholders expressed appreciation to the NNPC GMD, the TMC and other stakeholders for believing in NETCO through their support and ensuring required patronage for sustained growth. Mr Rabiu commended NETCO management and staff for its continued efforts to sustain the confidence of the shareholders as well as stakeholders.
Managing Director of NETCO, Engr. Siky Aliyu, said the company in 2015, won four new contracts and executed nine projects and recorded man-hours of 374,000. He noted that the company did well in 2016 on nine project execution with a total man-hour of 390,000, despite the downward trend in the oil and gas industry of the nation’s economy.
Highpoint of the AGM was the presentation of N610 million dividend cheque to the GMD of NNPC, Dr. Baru, by Mr Rabiu for the 2015 and 2016 financial year of NETCO.
“It is indeed with pleasure that I am receiving this N610 million dividend cheque from NETCO. This is a symbol that we are driving the company in the right direction despite downturn of crude oil prices.
Written and edited by Christian Rowland,
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NNPC SUBSIDIARY NETCO!!! AS THEY RECORDS N5.1BN PROFIT FOR 2015, 2016 FINANCIAL YEAR…SEE
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Tuesday, September 26, 2017
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