NNPC Subsidiary, NETCo Declares N11.8billlion Profit

NETCo Chairman, Mr. Bello Rabiu made this known at the company’s 23rd, 24th and 25th Annual General Meeting, AGM, at the headquarters of NNPC in Abuja.

Rabiu said the firm’s profit stood at 160 per cent, adding however that its revenue increased by 49 per cent from N7.9billion in the previous year to N11.8billion in 2014.

According to him, the company was able to record profit despite the harsh operating environment in the oil and gas sector.

“Despite the challenges in the oil and gas industry, NETCo recorded impressive performance during the years under review. The profit before tax exponentially increased from N193million in 2012 to N963million in 2013 and N2.5billion in 2014,”he said.

Explaining the reason for combining the AGMs, he said: “It was due to the migration of the a National Accounting Standards to International Financial Standard Reporting which took auditors a while to complete. In addition, there was no substantive managing director in NETCo for a period of 15 months.”

Speaking on the sideline of the event, the firm’s Managing Director, Mr. Siky Aliyu, said for the first time, NETCo was able to collaborate with two other local engineering firms and together the joint venture was able to record more than 550,000 man-hours on a strategic project.