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NNPC subsidiary’s profit drops by 34%

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The National Engineering and Technical Company Limited on Friday announced that its profit before tax for the 2017 financial year dropped by 34 per cent to N3.26bn when compared with the previous year.

NETCO, a subsidiary of the Nigerian National Petroleum Corporation, stated that the PBT decreased by 34 per cent when compared with the N4.9bn it recorded the preceding year.

The company’s Board Chairman, who doubles as the NNPC’s Chief Operating Officer, Upstream, Mallam Bello Rabiu, said the decrease was attributable to the foreign exchange gains, which constituted 56 per cent before tax in 2016 as compared to 4.8 per cent gain in 2017.

He, however, stated that the firm’s revenue increased by 122 per cent from N10.13bn in the previous year to N22.46bn in 2017.

Rabiu stated this at the firm’s 2017 Annual General Meeting in Abuja.

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Tony is an English and Literary Studies graduate from the University of Lagos. His hobbies include reading, football, swimming and writing. Tony is a lifelong fan of Manchester United and could read Jeffrey Archer and John Grisham’s novels the whole day without even taking a meal. Reach him at 08167677075 and 08185801508.

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