A press release from Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd, states:
The NNPC Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Corporation Limited (NNPC Ltd), has announced a 137 percent increase in operating profits for the year 2023.
This announcement was made by the Chairman of the company’s Board of Directors and Executive Vice President, Downstream, NNPC Limited, Mr. Adedapo Segun, at the company’s 34th Annual General Meeting held in Lagos on Friday.
Mr. Segun explained that NETCO recorded a 101 percent revenue increase in 2023, reflecting a significant turnaround in operating results, which rose by 137 percent, reversing the previous year’s deficit.
He also noted a 145 percent surge in the company’s net profit compared to the prior year.
Speaking at the AGM, NETCO’s Managing Director, Dr. Tonye Alagba, emphasized the company’s focus on growing its business portfolio in 2024 and beyond.
“To achieve this, the company is strategically expanding its service offerings within the oil and gas industry in 2024, investing in the development of human and other resources, reducing direct and overhead costs, and minimizing risks,” Alagba stated.
Dr. Alagba further mentioned that NETCO aims to increase its market share by at least five percent through participation in standard EPC projects, targeting a minimum of 32 tenders and securing at least 15 contracts.
He outlined additional goals, including a 21-day invoicing cycle, at least 85% debt collection efficiency, a minimum customer satisfaction rate of 71%, acquisition of critical assets such as fabrication yards and offshore logistics support bases, and the development of exclusive collaborations with key technical partners like KBR and Petrofac, among others.
NETCO is a subsidiary of NNPC Limited, tasked with delivering high-quality, integrated, and cost-effective Engineering, Procurement, and Construction Management (EPCM) services for Nigeria’s Oil and Gas Industry and beyond.
