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National Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC), has reported a profit before tax of N5.53 billion for the year ended December 31, 2022.
The profit represents a 178 per cent increase from N1.99 billion recorded in 2021.
Chairman, Board of Directors of NETCO, Adeyemi Adetunji, made the disclosure at the company’s 33rd Annual General Meeting (AGM) in Lagos at the weekend.
Adetunji expressed satisfaction that NETCO had again scaled the significant hurdles faced by the oil and gas industry as a direct result of the COVID-19 pandemic and global energy shift which curtailed investment in the sector.
He said: “The Company recorded a total revenue of N13.87 billion in the year under review representing a 25 per cent decrease from N18.49 billion posted in 2021, this is attributed to the close-out of major projects and delay in sanctioning of new projects.
“NETCO was able to grow its assets base by 20 per cent to N54.89 billion, while the shareholders’ equity rose by 52 per cent to N14.99 billion in year 2022.’
“We remain dedicated to restoring profitability and enhancing shareholder value, and we will continue to diligently work towards that goal through strategic measures aimed at optimizing operational performance and identifying new avenues of revenue generation.”
