.Distributes N610m dividend to NNPC
The Chairman of the Board of the National Engineering and Technical Company Limited (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), Mr. Bello Rabiu has stated that the company recorded a profit after tax of N5.1 billion for 2015 and 2016 financial years.
The company has also provided a dividend of N610 million to the NNPC for the two years under review.
According to him, the breakdown shows that N1.4 billion was recorded for 2015 while N3.7 billion was recorded for 2016.
NETCO was established in 1989 to acquire engineering technology through direct involvement in all aspects of engineering in the oil, gas and non-oil sectors of the economy. NETCO is Nigeriaâ€™s premier indigenous engineering company with the strategic vision of providing basic and detailed engineering, procurement, construction supervision and project management services, using state of the art technology.
Speaking at the companyâ€™s recent Annual General Meeting held in Abuja, Rabiu, lauded the feat achieved by NETCO, despite the harsh economic realities.
The NETCO chairman said the companyâ€™s profit was boosted by the resolve of the NNPCâ€™s Group Managing Director, Dr. Maikanti Baru, and Top Management Committee (TMG) of the corporation to transform NNPC (Autonomous Business Units (ABUâ€™s) to profit centres.
He noted that with the stride, the company had proved that if given the necessary support of the shareholders and other shareholders, it has the potentials and capabilities to soar far better, especially now that the economy has exited recession.
Rabiu, on behalf of the shareholders expressed appreciation to the management of NNPC and other stakeholders for believing in NETCO through their support and ensuring required patronage for sustained growth.
Rabiu commended NETCO management and staff for its continued efforts to sustain the confidence of the shareholders as well as stakeholders.
In his speech, the Managing Director of NETCO, Mr. Siky Aliyu, said the company in 2015, won four new contracts and executed nine projects and recorded man-hours of 374,000.
He noted that the company did well in 2016 on nine project execution with a total man-hour of 390,000, despite the downward trend in the oil and gas industry of the nationâ€™s economy.
Highpoint of the AGM was the presentation of N610 million dividend cheque to the Group Managing Director of NNPC, Dr. Maikanti Baru, by Rabiu for the 2015 and 2016 financial year of NETCO.
Baru who was visibly elated applauded the company for making profit in the face of drop in crude oil prices, adding that the management of NNPC would continue to drive NETCO not only to be an engineering company of choice but, to also become a procurement and construction outfit of repute too.
â€œIt is indeed with pleasure that I am receiving this N610 million dividend cheque from NETCO. This is a symbol that we are driving the company in the right direction despite downturn of crude oil prices. We are also driving NETCO to diversify its operation to procurement and construction and it is my hope that the N610 million would soon become $610 millionâ€, Baru added.