This was disclosed by the chairman of the company’s Board of
Directors and Executive Vice President, Downstream, NNPC Limited, Mr. Adedapo
Segun, at the company’s 34th Annual General Meeting held in Lagos.
The Board Chairman explained that NETCO recorded a 101
percent revenue increase in the year 2023, reflecting a turnaround in operating
results, which rose by 137 percent reversing the previous year’s deficit.
He also noted that there was a 145 percent surge in the
company’s gross profit compared to the previous year.
Also speaking at the AGM, the Managing Director of NETCO,
Dr. Tonye Alagba, said the company is focused on growing its business
portfolio in 2024 and beyond.
“To achieve this, the company is working strategically
within the oil and gas industo expand its service offerings try in 2024, invest
in the development of human and other resources, reduce direct and overhead
resources and minimise risks”, Alagba stated.
The NETCO helmsman further stated that the company aims to
increase its market share by at least five percent through participation in
mainstream EPC projects, stressing that the company will bid for a minimum of
32 Tenders with a target of securing at least 15 contracts.
He listed other targets to include: 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; and development of
exclusive collaborations with key technical partners like KBR and Petrofac,
amongst others.
NETCO is a subsidiary of NNPC Limited with the mandate of
delivering qualitative, integrated and cost-effective Engineering, Procurement
& Construction Management (EPCM) services for Nigeria’s Oil & Gas
Industry and beyond.