NETCO declares N2.5bn profit
The National Engineering and Technical Company (NETCO), a subsidiary company of the NNPC, has recorded N2.5bn profit in the year 2014.
This was disclosed by the chairman of the board of directors of the NETCO, Mr Bello Rabi’u, at the company’s 25th Annual General Meeting held yesterday at the NNPC headquarters, Abuja.
“The profit after tax exponentially increased from N193M in 2012 to, N963m in 2013 and N2.5bn in 2014,” he said.
“Given the necessary support of the shareholders and stakeholders, NETCO possessed the competence and the capacity to perform even better in the years ahead.”
Rabi’u commended the NNPC for supporting the company grow its profit.
The Managing Director of NETCO, Engineer Sikiye Adewale, said that more would be achieved with passage of the Petroleum Industry Bill.
He said that investors were now skeptical of investing in new project.
He said that the NETCO has emerged as the first indigenous Engineering Construction Procurement Management Company (EMPC) following the exit of AMEC Contractors West Africa Limited from the Mobil Integrity Projects EPCM 2 Contract.
NETCO is the largest indigenous engineering company in Nigeria.