The NNPC Engineering and Technical Company (NET­CO), a subsidiary of the Ni­gerian National Petroleum Company Limited (NNPC Ltd), has announced a 137 percent increase in operating profits for the year 2023.

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.