The revenues of Integrated Data Services Limited (IDSL), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has hit a whopping N32.133 billion in the last three years.
Chairman of the company and Chief Operating officer (COO), Upstream Directorate of the NNPC, Mr. Roland Ewubare, who disclosed this at the company’s 23rd Annual General Meeting held in Abuja, noted that IDSL recorded a significant increase in its revenue base to N19.933 billion in 2018.
The revenues, he said, rose from N5.5 billion in 2016, N7.6 billion in 2017 to N19.033 billion in 2018.
Ewubare, who described the performance as very impressive, stated that the subsidiary had become self-reliant and would not require any subvention from the corporate headquarters anymore.
“If anything, IDSL now contributes to the centre; 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 chain 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.
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.