In a remarkable turnaround, NETCO, a subsidiary of NNPC Limited, has announced a staggering 137% increase in operating profits for 2023, coupled with a 101% revenue increase and a 145% surge in gross profit. This impressive financial performance 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 Managing Director of NETCO, Dr. Tonye Alagba, emphasized the company’s focus on growing its business portfolio in 2024 and beyond. He outlined NETCO’s strategic plans to expand its service offerings within the oil and gas industry, invest in human resources, reduce costs, and minimize risks. Dr. Alagba also revealed the company’s aim to increase its market share by at least 5% through participation in mainstream EPC projects.
NETCO’s ambitious growth plans include bidding for a minimum of 32 tenders with a target of securing at least 15 contracts. The company is committed to achieving a 21-day invoicing cycle, maintaining 85% debt collection efficiency, and ensuring 71% customer satisfaction. Additionally, NETCO plans to acquire critical assets such as fabrication yards and offshore logistics support bases, and develop exclusive collaborations with key technical partners like KBR and Petrofac.
This announcement reaffirms NETCO’s commitment to delivering top-notch EPCM services, solidifying its position as a leader in the industry. With its impressive financial results and ambitious growth plans, NETCO is poised for remarkable growth in the oil and gas industry.
LV