The NNPC Engineering and Technical Company (NETCO) has announced an increase of 137 per cent in its operating profit for 2023.
Chairman of the company’s board, Mr. Adedapo Segun made this known during the company’s Annual General Meeting (AGM), held in Lagos.
According to him, NETCO achieved a 101 per cent revenue increase in 2023, marking a significant turnaround in operating results with a 137 per cent rise, reversing the previous year’s deficit.
He also highlighted a 145 per cent increase in the company’s gross profit compared to the previous year. In 2022, the company posted a profit before tax of N5.53 billion and grew its asset base by 20 per cent while total revenue then was N13.87 billion.
Managing Director of NETCO, Dr. Tonye Alagba, said the company is looking to increase its market share of Engineering Procurement and Construction (EPC) management services in the oil and gas industry and also increase its portfolio in the coming years.
He said the company aims to boost its market share by at least 5 per cent by participating in mainstream EPC projects, with a commitment to bid on a minimum of 32 tenders and secure at least 15 contracts.
Additional targets include achieving a 21-day invoicing cycle, attaining a minimum of 85 per cent debt collection efficiency, ensuring a customer satisfaction rate of at least 71 per cent, acquiring critical assets such as fabrication yards and offshore logistics support bases, and developing exclusive collaborations with key technical partners like KBR and Petrofac, among others.
