Home Energy NETCO Posts 137% Increase in Operating Profit for 2023

NETCO Posts 137% Increase in Operating Profit for 2023

0

The NNPC Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC), has announced a 137 per cent increase in operating profits for the year 2023.

This was disclosed by the Chairman of the company’s Board of Directors and Executive Vice President, Downstream, NNPC Limited, Mr. Adedapo Segun, at the company’s 34th Annual General Meeting (AGM) held in Lagos.

The Board Chairman explained that NETCO recorded a 101 percent revenue increase in the year 2023, reflecting a turnaround in operating results, which rose by 137 per cent reversing the previous year’s deficit.

He also noted that there was a 145 percent surge in the company’s gross profit compared to the previous year.

Also speaking at the AGM, the Managing Director of NETCO, Dr. Tonye Alagba, said the company is focused on growing its business portfolio in 2024 and beyond.

“To achieve this, the company is working strategically to expand its service offerings within the oil and gas industry in 2024, invest in the development of human and other resources, reduce direct and overhead resources and minimise risks”, Alagba stated.

The NETCO helmsman further stated that the company aims to increase its market share by at least five per cent through participation in mainstream EPC projects, stressing that the company will bid for a minimum of 32 Tenders with a target of securing at least 15 contracts.

He listed other targets to include: a 21-day invoicing cycle; a minimum of 85 percent debt collection efficiency; a minimum customer satisfaction rate of 71 percent; acquisition of critical assets such as fabrication yards and offshore logistics support base; and development of exclusive collaborations with key technical partners like KBR and Petrofac, amongst others.

NETCO is a subsidiary of NNPC Limited with the mandate of delivering qualitative, integrated and cost-effective Engineering, Procurement & Construction Management (EPCM) services for Nigeria’s Oil & Gas Industry and beyond.

Exit mobile version