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NETCO Records N4.75bn Profit In 2018 - Business - Nairaland

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NETCO Records N4.75bn Profit In 2018 by Mrakeli: 7:04pm On Jun 18, 2019
The National Engineering and Technical Company Limited (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) on Tuesday released its 2018 operating report which reveals a profit of N4.75 billion.

The figure is a 130 percent increase from N2.07 billion recorded in 2017. Speaking at its 29th annual general meeting in Abuja, the Chairman of the company, Mallam Bello Rabiu noted that in the previous year, the company’s revenue rose by 63 per cent (N2.68billion) from N22.46billion to N36.64 billion in the year under review.

He added despite the challenges in the industry, the firm was able to record a total profit before tax of N6.75 billion which represents an increase of 107 per cent from N3.26billion in 2017.

He said: “Despite the challenges faced in the industry, NETCO was able to record a total profit before tax of N6.75billion which represents an increase of 107% from N3.26billion in 2017.

“The company’s revenue also increased by 63% from N22.46billion in the previous year to N36.46billion in the year under review. The operating profit of the company increased by 130% (N2.68billion) from N2.07billion in 2017 to N4.75billion in 2018.”

Owing to the leap in profit performance, according to Rabiu, NECTO overshot its last year’s highest dividend record of N750 Million, and the company declared a dividend of N1.50billion to its shareholders at the meeting.

He said that the leap was an increase of 100 percent dividend from the previous year.

The Chairman however attributed the achievements in the year under review to two major projects: Mobil Producing Nigeria (MPN) Major Integrity Projects (MIPs) EPCm2 and NPDC FPSO Mystras Operations & Maintenance Contract; and the enforcement of cost reduction measures that were adopted during the period with the management and staff doggedness.


Rabiu said that the success was also through the sustained efforts on the part of the company to leverage on the continued strong support of the shareholder and Group Managing Director in particular, which culminated in the award of some big ticket projects.

NECTO, he said, ensured that the projects were delivered on time, within budget and without compromising quality in service delivery.

Presenting his management report, the Managing Director, Engr. Mustapha Yakubu said that authorized share capital of the company remained 1,000,000,000 ordinary share of N1.00 each.

He explained that in 2018, the issued share capital stood at 1,000,000,000 of N1.00 per share, fully paid-up by the shareholders. While 99,999,995 shares were due to the Nigerian National Petroleum Corporation, five shares were due to Nigerian Petroleum Development Company Limited.

In year 2018, according to Yakubu, there was no acquisition of the company’s shares.

He revealed that the company’s staff strength as at December 31, 2018 stood at 380 comprising 77 NNPC staff, 88 NETCO Direct Staff and 215 Project Staff.

He projected that the company had set a target to perform 660,000 man- hours of work.

In order to attain the goal, he said that NETCO would relentlessly pursue and explore new opportunities, improve service delivery and create more confidence in its clients and shareholders.

The shareholders reappointed the management and auditor, Chimereze Okeke & Co of the company at the meeting.

https://www.akelicious.net/2019/06/netco-records-n475bn-profit-in-2018.html

4 Likes 2 Shares

Re: NETCO Records N4.75bn Profit In 2018 by freemanbubble: 10:19pm On Jun 18, 2019
Okay
Re: NETCO Records N4.75bn Profit In 2018 by Engine005(m): 10:20pm On Jun 18, 2019
OK o
Re: NETCO Records N4.75bn Profit In 2018 by Nobody: 10:20pm On Jun 18, 2019
Moventist:
ISLAM EXPANSION ___FG TO ESTABLISH MINISTRY FOR ANIMAL RESOURCES FOR FULANI HERDSMEN


TO ALLOCATE 20% LANDS IN EACH STATES OF THE FEDERATION AND FCT TO THE FULANI JIHADIST

The Roundtriping Islamic backed federal Government are sponsoring A Fulani group, Kulen Allah Cattle Reares Association of Nigeria (KACRAN) demanding the establishment of Ministry of Animal Resources by the Federal Government to advanced the course of Islam expansion in Nigeria

The Islamic backed Federal Government through the proxy group In a statement issued Tuesday in Damaturu, KACRAN’s National President Khalil Mohammed also asked the Federal Government to as a matter of utmost urgency, focus on issues of policy formulation and programme implementation peculiar to the Ministry or alternatively give animal husbandry services equal budgetary provision

Mohammed declared : "we also call on Mr President to kindly appoint somebody who has very vast knowledge and experience on livestock production as a Minister, who will cooperate with his staff to achieve the Ministry’s desired objectives or alternatively give Directorate of animal husbandry services budgetary allocation " note that the appointee must be Fulani who will assist in achieving the objectives of the Islamization Agenda of the Islamic backed federal government

The association further demanded the federal government and 19 northern governors to earmark not less than 20 per cent of available land for pastoral production activities, implement polices and programmes for pastoral communities, and among others. The 19 northern states are pilot to this programmes, with time, southern States will be compel to comply with this policies and programmes

“The Ministry under discussion should be given mandate or authority to identity foreign nations which possess livestock productions skills, to establish bilateral relationship on how the two side would put head together to develop livestock industry in Nigeria,” Mohammed demanded.

Recall that during the last four years of President Buhari, a bill to establish grazing reserves across the country generated controversies and was throned to a committee level without seeing the light of the day
However, with the Full arms of government controlled by Jihadist machineries , the Islamic backed federal government will soon re-introduce this bill to the house. Hold your National Assembly Members responsible
How does Ministry of Animal Resources concern ISLAM? Sometimes, it's good to think with your brain not with your arsehole grin grin

5 Likes 2 Shares

Re: NETCO Records N4.75bn Profit In 2018 by Kirchhoff01(m): 10:20pm On Jun 18, 2019
To what end?

Which good thing this money go do now.

2 Likes

Re: NETCO Records N4.75bn Profit In 2018 by iamawara(m): 10:21pm On Jun 18, 2019
Lol. Nigeria my country. That's to tell you they made double of this

6 Likes

Re: NETCO Records N4.75bn Profit In 2018 by mgbedianya(m): 10:21pm On Jun 18, 2019
my company
Re: NETCO Records N4.75bn Profit In 2018 by Canadanow: 10:23pm On Jun 18, 2019
Nigeria will get better one day oo... Na wetin my great grandfather told my grandfather be that... My dad heard thesame thing from my grandpa and he told me naija go better too... Me go tell my children make dem no disturb themselves ooo... When other countries get to 2030, naija would then be in year 2008.
All those people wey don dey pray for naija for years don give up sef. Abeg, which other name we fit give this country lipsrsealed undecided undecided undecided

Abeg am bored at home...na why I just dey comment everywhere sef.
Who wan go watch movie with me. I no fit go cinema alone in ibadan ooo...
Abeg, I no dey look for guys ooo... I want a pretty woman instead... You must be over 18 abeg... Make dem no con arrest me for my house abeg. cheesy wink wink

And the only place I can't take you to is ibachi, I remember the last time dem sell Chinese rice with okro soup for my date, last last na 25k dem collect from me ooo...gave dem 9k from my purse, the rest from my atm... Me wey be sey I dey feel like big boy ontop the 20k in my account. Since then, my car dey always spoil if I heard anything Chinese. Rice na rice..

1 Like

Re: NETCO Records N4.75bn Profit In 2018 by Iyajelili(f): 10:24pm On Jun 18, 2019
A subsidiary of NNPC? I'm done

1 Like

Re: NETCO Records N4.75bn Profit In 2018 by Lanre4uonly(m): 10:24pm On Jun 18, 2019
That's good.
Re: NETCO Records N4.75bn Profit In 2018 by qanda: 10:25pm On Jun 18, 2019
Re: NETCO Records N4.75bn Profit In 2018 by deeway200(m): 10:32pm On Jun 18, 2019
money citizens won't have access to ,is that one money?

1 Like

Re: NETCO Records N4.75bn Profit In 2018 by Millerules(m): 10:37pm On Jun 18, 2019
Joining them for work soon☺

1 Like

Re: NETCO Records N4.75bn Profit In 2018 by Modphase: 10:42pm On Jun 18, 2019
This kind of agency under the 16 years ruins of PDP would be making kobo not up to 1 naira yet foolish Igbo Ipob will query what as Buhari done with the money forgetting with exceeding foolishness that it is only money earned n accounted that can be used for anything.

1 Like

Re: NETCO Records N4.75bn Profit In 2018 by rusher14: 10:46pm On Jun 18, 2019
Kirchhoff01:
To what end?

Which good thing this money go do now.


It's better they make a loss so your wailing can be louder.
Re: NETCO Records N4.75bn Profit In 2018 by rusher14: 10:47pm On Jun 18, 2019
Millerules:
Joining them for work soon☺

They undertake serious projects.

Wish you the best.

1 Like

Re: NETCO Records N4.75bn Profit In 2018 by rusher14: 10:49pm On Jun 18, 2019
Iyajelili:
A subsidiary of NNPC? I'm done

Yes it is.

What's wrong with it?
Re: NETCO Records N4.75bn Profit In 2018 by ADAMUdaCOWBOY: 11:05pm On Jun 18, 2019
Not the kind of news some sadists will want to hear.

1 Like 1 Share

Re: NETCO Records N4.75bn Profit In 2018 by SocialJustice: 11:41pm On Jun 18, 2019
rusher14:


Yes it is.

What's wrong with it?
What business are they into?
Re: NETCO Records N4.75bn Profit In 2018 by rusher14: 11:42pm On Jun 18, 2019
SocialJustice:
What business are they into?
Engineering design.
Re: NETCO Records N4.75bn Profit In 2018 by nauto12: 12:14am On Jun 19, 2019
nice
Re: NETCO Records N4.75bn Profit In 2018 by SocialJustice: 12:29am On Jun 19, 2019
rusher14:

Engineering design.
Thanks.
Re: NETCO Records N4.75bn Profit In 2018 by seguno2: 1:01am On Jun 19, 2019
Lanre4uonly:
That's good.

Yes good story for those who don’t ask questions.

1 Like 1 Share

Re: NETCO Records N4.75bn Profit In 2018 by seguno2: 8:00am On Jun 19, 2019
Modphase:
This kind of agency under the 16 years ruins of PDP would be making kobo not up to 1 naira yet foolish Igbo Ipob will query what as Buhari done with the money forgetting with exceeding foolishness that it is only money earned n accounted that can be used for anything.

If you have no information about something learn to not expose yourself anyhow. Can you please share the details of the 16 years return from this agency
Re: NETCO Records N4.75bn Profit In 2018 by Kinikini: 8:21am On Jun 19, 2019
seguno2:


Yes good story for those who don’t ask questions.

Please ask questions that we may clear the insinuations.
Re: NETCO Records N4.75bn Profit In 2018 by MirthOsas(m): 2:43pm On Jun 19, 2019
rusher14:


They undertake serious projects.

Wish you the best.
The more reason why I'd love to work with them..

1 Like 1 Share

Re: NETCO Records N4.75bn Profit In 2018 by Alejobs: 5:48pm On Jun 19, 2019
Ethics and value system is key to a sane society!

(1) (Reply)

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