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NETCO posts 3.37 billion naira profit, declares a dividend of 400 million naira for 2020

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NETCO posts 3.37 billion naira profit, declares a dividend of 400 million naira for 2020

By Salomon Asowata

The National Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), reported pre-tax profit of 3.37 billion naira for the fiscal year ended Dec.31, 2020.

The Nigeria News Agency (NAN) reports that Mr. Adeyemi Adetunji, chairman of the board of NETCO, made the disclosure on Thursday at the company’s 2020 annual general meeting in Lagos.

Adeyemi said pre-tax profit increased 53% from the 2.20 billion naira made in the corresponding period of 2019.

Adetunji noted that 2020 has witnessed the COVID-19 pandemic which has led to socio-economic and humanitarian crisis around the world, thus bringing economic activity to a standstill.

He said, “Despite these challenges, NETCO posted a total profit before tax of 3.37 billion naira, which is a 53% increase from 2.20 billion naira in 2019.

“The company recorded total revenue of N18.02 billion in the year under review, which is a 52% drop from 2019 revenues of N37.21 billion. “

Adetunji said that it was interesting to note that NETCO was awarded the contract award for the owner’s project management / engineer consulting services for the three NNPC refinery rehabilitation projects as the main consultant for the first time.

He said it was also commendable that the company’s performance on several projects during the year under review was not deterred by the lockdown and difficult economic terrain brought on by the pandemic.

Adetunji congratulated NNPC Group Managing Director, Mr. Mele Kyari, NETCO management and staff, and other stakeholders for their efforts to achieve the company’s mandate.

In addition, Mr. Usman Baba, Managing Director of NETCO, explained that foreign exchange gains made up 18.43 percent of 2019 pre-tax profit, up from 121 percent in the year under review.

Baba noted that the pandemic has resulted in negative growth of global companies, resulting in weak demand for crude and reduced investment in most sectors, especially in the oil and gas industry.

He said the downsizing of the industry has resulted in a reduction in industry activities for NETCO and other industry players, while some existing contracts have been suspended or renegotiated.

Baba said that despite these challenges, NETCO is currently executing 15 key contracts in the industry and has continued to contribute to the development of engineering and technical capabilities in the country.

He said that NETCO had also completed a training program for 17 youth from Iru Lands who learned entrepreneurial skills in fish farming, computer design / web design, catering, leather goods, bead making and event management.

Baba said management is targeting revenue of N36.58 billion in fiscal year 2021.

NAN reports that the board of directors approved a gross dividend of 400 million naira, which translated into 40,000 per share for its shareholders. (NAN) ()

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