NETCO Posts N3.257bn Profit Before Tax in 2017

Enterprise Television- NETCO Posts N3.257bn Profit Before Tax in 2017

The National Engineering and Technical Company Limited (NETCO) recorded a profit before tax of N3.257 billion for 2017 financial year.

A breakdown showed that the company’s revenue increased by 122 per cent to N22.46 billion in 2017 from N10.13 billion in 2016.

At the Company’s Annual General Meeting (AGM) in Abuja, NETCO Board Chairman, also NNPC Chief Operating Officer (COO), Upstream, Mallam Bello Rabiu, stated that the profit before tax decreased by 34 per cent in 2017 compared with N4.90 billion recorded in the previous year.

Rabiu further stated that the decrease was attributed to foreign exchange gains which constituted 56 per cent before tax in 2016 as compared to 4.8 per cent gain in 2017.

He said the operating profit of NETCO increased by 134 per cent to N2.07 billion in 2017 from N0.89 billion in 2016.

According to him, the result was the outcome of improved performance in project execution and cost reduction measures put in place during the period, in addition to and the new addition of construction and procurement portfolios in the company’s activities basket.

The Group Managing Director of NNPC, Dr. Maikanti Baru, commended the management of NETCO for the exceptional performance.

He assured the company of his continued support, stressing that based on its performance; he would ensure NETCO got more projects, especially in the gas sector.

Facebook Comments

All rights reserved. Kindly share news, opinion, contributions and press releases with us at editor@enterprisenetwork.africa