NNPC’s subsidiary records N6.758bn profit

LEngineering agos -- The National

and Technical Company of Nigeria, NETCO, the engineering subsidiary of the Nigerian National Petroleum Corporation, has posted a profit before tax of N6.75 billion for the year ended December 31, 2018 an increase of 107 percent over the N3.26 billion recorded in 2017.

Profit after tax stood at N4.597 billion compared to N2.483 billion in 2017.

NNPC's Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu, disclosed this in a release quoting Mallam Bello Rabiu, Chief Operating Officer, Upstream of the NNPC who is also the Chairman of NETCO Board of Directors.

Rabiu said the quantum leap in performance was attributable to two major projects undertaken by NETCO within the period under review.

He listed the projects to include the Mobil Producing Nigeria Limited Major Integrity Projects Engineering Procurement Contract and the Nigerian Petroleum Development Company's FPSO Mystras Operations and Maintenance Contract.

He added that the path to increased profitability was made smooth by the enforcement of cost-reduction measures put in place during the period and driven by the doggedness of management and staff of the company.

“The success was also made possible through the sustained efforts on the part of the company to leverage on the continued strong support of the shareholders and the Group Managing Director of the NNPC in particular, which led to the award of some big ticket projects,” he said.

Rabiu added that NETCO ensured that these projects were delivered on time, within budget and without compromising quality in service delivery.