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NETCO delivers N750m dividend to NNPC

The National Engineering and Technical Company Limited (NETCO), for the first time since its establishment delivered highest dividend of N750 million to its shareholders, the…

The National Engineering and Technical Company Limited (NETCO), for the first time since its establishment delivered highest dividend of N750 million to its shareholders, the Nigerian National Petroleum Corporation (NNPC).

Speaking at the company’s 2017 Annual General Meeting (AGM) held in Abuja, NETCO Board Chairman, who is also NNPC’s Chief Operating Officer, Upstream, Mallam Bello Rabiu, said the remarkable figures were made possible through sustained efforts on the part of the Company to cash in on the strong support of the Group Managing Director of the corporation, Dr Maikanti Baru and the shareholders.

According to Rabiu, the company made a profit before tax of N3.257billion for 2017 financial year while operating profit increased by 134 per cent, from N0.89 billion in 2016 to N2.07 billion in 2017.

The breakdown shows that the company’s revenue increased by 122 per cent from N10.13billion in the previous year to N22.46 billion in the year under review.

Speaking while receiving the cheque for the dividend, Dr Baru, commended the management of NETCO for the unprecedented performance.

He congratulated the outgoing MD of NETCO, Engineer Siky Aliyu, for leaving a legacy for his successor and expressed optimism that the company would perform better next year.

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