The NNPC Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL), has announced a 137 per cent increase in operating profits for the year 2023.

This was disclosed by the Chairman of the NETCO Board of Directors and Executive Vice President, Downstream, NNPCL, Adedapo Segun, at the company’s 34th Annual General Meeting in Lagos on Friday, May 31, 2024.

The Board Chairman disclosed that NETCO recorded a 101 per cent revenue increase in 2023, reflecting a turnaround in operating results, which rose by 137 per cent reversing the previous year’s deficit.

He also noted that there was a 145 per cent surge in the company’s gross profit compared to the previous year.

Also speaking at the meeting, the Managing Director of NETCO, Dr Tonye Alagba, said the company is focused on growing its business portfolio in 2024 and beyond.

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“To achieve this, the company is working strategically to expand its service offerings within the oil and gas industry in 2024, invest in the development of human and other resources, reduce direct and overhead resources and minimise risks,” Alagba was quoted as saying in a statement issued by NNPCL spokesman Olufemi Soneye on Wednesday, June 5.

The NETCO boss further stated that the company aims to increase its market share by at least five per cent through participation in mainstream EPC projects, stressing that the company will bid for a minimum of 32 tenders with a target of securing at least 15 contracts.

He listed other targets to include a 21-day invoicing cycle; a minimum of 85 per cent debt collection efficiency; a minimum customer satisfaction rate of 71 per cent; acquisition of critical assets such as fabrication yards and offshore logistics support base; and development of exclusive collaborations with key technical partners like KBR and Petrofac; among others.

NETCO is a subsidiary of NNPC Limited with the mandate of delivering qualitative, integrated and cost-effective Engineering, Procurement and Construction Management (EPCM) services for Nigeria’s oil and gas industry and beyond.

The Star