New Nigeria Development Company (NNDC) has declared N138.25 million profit before tax for the financial year ended March 2017, operating income of N747.11 million and net asset of N9.19 billion for the year ended.
NNDC is owned and operated by the 19 Northern states with various divisions. The company which has its headquarters in Kaduna is involved in oil and gas exploration, investments, stock and capital, real estate, agriculture, education and human capital development among others.
Speaking at the end of its 49th Annual General Meeting on Friday, chairman of NNDC, Alhaji Bashir Mohammed Dalhatu said the company has so far trained 820 professionals in various academic fields, while it has built 78 units of three and two bedrooms detached, semidetached terraced and duplex houses.
“I’m honoured to present to you our annual report for the financial year ended 31st March, 2017. The company recorded an operating income of N747.11 million against N898.56 million in the previous year representing 17% decrease. The decrease was attributed to lower dividend income on investments.
“Operating profit before tax of N138.25 was achieved against N167.79 million in the previous year representing 18% decrease. Similarly the company’s net asset for the year was N9.19 billion against N9.41 billion in the corresponding year representing 2.2% decrease.
“The economy faced challenges ranging from acute scarcity of foreign exchange, high inflation, dwindling revenues to government and decline in gross domestic product among others, as a result of the recession that reared its head in 2016. The rise in the general cost of goods and services impacted on purchasing power across all the sectors. Thus, the overall impact on operations was drop in revenue and increase in expenses.
“The company in the year under review continued to support the development of quality manpower for the North and the country in general. This, it is doing through earmarking reasonable resources towards promoting the NNDC Young Professionals Development Trust (NNDC/YPDT), the NNDC/ICAN Students Special Project (SSP) and the Musa Bello Learning Resource Center.