NNPC Subsidiary Rakes N19bn Revenue In 2018
Integrated Data Services Limited, IDSL, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has recorded steady increase in its revenue base, racking in N5.5billion in 2016, N7.6billion in 2017 to N19.033billion in 2018.
Speaking at the company’s 23rd annual general meeting in Abuja last week, chairman and chief operating officer (COO), upstream directorate of the NNPC, Mr. Roland Ewubare, described the performance of the company as very impressive. According to him, the subsidiary had become self-reliant and would not require any subvention from the corporate headquarters anymore.
“If anything, IDSL now contributes to the center; we will continue to give them the needed support to ensure that they sustain this growth trajectory”, the COO said. On his part, NNPC’s chief financial officer (CFO), Mr. Umar Ajiya, commended the company’s management on the performance streak, saying, “the only way we can grow is when businesses like this deliver positive results, to enable us collectively overcome our financial challenges’’.
He affirmed that NNPC management would give all necessary support to all its subsidiaries with capacity and prospect to deliver, including recapitalization where necessary and help them to secure businesses across the Industry value change to ensure that they grow their output.
Managing director of the company, Engr. Diepriye Tariah, attributed the impressive performance of the company to the reorientation of the staff who, he said, had become more commercially focused and efficient. Integrated Data Services Limited, IDSL is one of the Upstream subsidiaries of the NNPC.
Established in 1988, the company focuses on seismic data acquisition, processing and reservoir engineering. It also undertakes data storage and management services.
By Chibisi Ohakah