NNPC Engineering and Technical Company , a subsidiary of the Nigeria National Petroleum Company Limited, says its operating profits increased by 137 percent in 2023.
Adedapo Segun, chairman of NETCO’s board of directors and executive vice-president, downstream, spoke at the company’s 34th annual general meeting held in Lagos on May 31.According to the statement, NETCO also recorded a 101 percent revenue increase last year.Segun said this reflects a turnaround in operating results, which rose by 137 percent, reversing the previous year’s deficit.
He said through participation in mainstream engineering, procurement, and construction projects, NETCO aims to increase its market share by at least five percent. Also, the MD said the company will bid for a minimum of 32 tenders with an aim to secure at least 15 contracts.a 21-day invoicing cycle; a minimum of 85 percent debt collection efficiency; a minimum customer satisfaction rate of 71 percent; acquisition of critical assets such as fabrication yards and offshore logistics support base.Alagba said the company also plans to develop exclusive collaborations with key technical partners like KBR and Petrofac, among others.
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