NETCO posts N4.31b profit for 2021

The National Engineering and Technical Company (NETCO), a subsidiary of Nigerian National Petroleum Company (NNPC) Ltd, has reported a profit before tax of N 4.31 billion for the year 2021.

NETCO’s Chairman Adeyemi Adetunji spoke yesterday during the company’s 32nd Annual General Meeting in Lagos.

He praised NETCO for scaling the hurdles faced by the oil and gas industry as a result of COVID-19 and the global energy shift.

Adetunji said: “NETCO has delivered a strong result as it posted a profit before tax of N4.31 billion, which represents an increase of 36 percent from N3.17 billion in 2020.

“The company recorded total revenue of N18.49 billion, which represents a marginal increase of three percent from N18.03 billion in 2020.

“NETCO’s Operating Profit stood at N1.40 billion, an increase of 178 percent on the operating loss of N1.76 billion in the prior year.

“…NETCO’s gross profit increased from N5.74 billion in the previous year to N9.24 billion, representing a 61 percent increase.

“The comprehensive income stood at N4.45 billion compared with N0.841 billion in 2020, representing an increase of 430 percent.”

He also said it was remarkable that the company’s participation in the NNPC refinery rehabilitation project established NETCO as a responsible service provider in refinery rehabilitation.



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