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Published On: Mon, Oct 20th, 2014

Forte Oil grows by 33%

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Forte oilForte Oil PLC (formerly AP Plc) has recorded a turnover of N122.5 billion, in its unaudited result for the financial period ended 30th September, 2014 representing a growth rate of 33 per cent when compared with N92.1 billion recorded in the same period of 2013.

Profit after tax equally grew to N4 billion from N2.7 billion posted in 2013.

Forte Oil, had in the half year ended 30th June, 2014 achieved a 152 per cent surge in its profit before tax to N4.19 billion compared to N1.66 billion recorded in the same period of 2013.

In the same vein its revenue surged by 33 per cent to N79.61 billion as against the N59.96 billion achieved in the previous year.

Interestingly, the company has so far recorded year-to -date (YTD) share price appreciation to the tune of a 111.05 per cent, from N92.87 per share at the beginning of 2014 to N206.30 per share at the close of business last week thus gaining promotion of the NSE to the league of Highly Priced Stock

This excellent performance recorded within the period the company ascribed to strong three year transformation programmes initiated into its operations.

The Group Chief Executive Officer, Forte Oil Plc. Akin Akinfemiwa while commenting on the result declared, ” the success achieved by Forte Oil presently which showed strong growth performance across its bottom-line is the outcome of transformation initiatives embarked upon by the company in the last three years.

Akinfemiwa highlighted the transformation programme to include increased profitability in the company and capital reorganization exercise. Others are Forte Oil inclusion into the Morgan Stanley capital International (MSCI) Frontier Market Index and inclusion into the NSE high priced stock rank , expansion of retail network among others.

“We are very pleased with our audited H1 results for 2014, which exhibits consistent and sustainable growth for both revenue and profits. This performance is an affirmation of the resilience of our businesses and a true test of our business transformation strategy despite the adverse impact of petroleum product scarcity experienced in the first quarter of the year.

Superior contributions from our power and upstream services divisions continue to strengthen our market dominance in our quest to be the foremost energy solutions provider. As we enter the final phase of our business transformation we are confident of building a long term successful company and making Forte Oil Plc the investment of choice through positive actions that boost investor confidence at all times”, Akinfemiwa assured.

 

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