NETCO de­clares N2.5bn profit

Daily Trust - - BUSINESS - By Vic­to­ria Onehi and Daniel Adugbo

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.

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