The National Engineering and Technical Company Limited (NETCO) has delivered N610 million to its parent company, the Nigerian National Petroleum Corporation (NNPC), as dividend for 2015 and 2016 financial years. The NNPC subsidiary had declared a profit after tax of N5.1 billion for the financial years.
The breakdown shows that N1.4 billion was recorded for 2015 while N3.7 billion was recorded for 2016.
Speaking at the company’s annual general meeting held in Abuja, NETCO board chairman, Mr. Bello Rabiu, lauded the feat achieved by NETCO, despite the harsh economic realities.
He said the company’s profit was boosted by the resolve of the NNPC’s Group Managing Director, Dr. Maikanti Baru, and Top Management Committee (TMG) of the corporation to transform NNPC (Autonomous Business Units (ABU’s) to profit centres.
He said with this stride, the company had proved that if given the necessary support of the shareholders and other stakeholders, it has the potentials and capabilities to soar far better, especially now that the economy has exited recession.
Mr Rabiu, on behalf of the shareholders expressed appreciation to the NNPC GMD, the TMC and other stakeholders for believing in NETCO through their support and required patronage for sustained growth.
Mr Rabiu commended NETCO management and staff for the continued efforts to sustain the confidence of shareholders as well as stakeholders.
Earlier, the Managing Director of NETCO, Engr. 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 projects execution with a total man-hour of 390,000, despite the downward trend in the oil and gas industry of the nation’s economy.
High point of the meeting was the presentation of N610 million dividend cheque to the GMD of NNPC, Dr. Baru, by Mr Rabiu for the 2015 and 2016 financial year of NETCO.
Dr Baru 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.