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Forte Oil records 152% increase in half-year profit

By on August 12, 2014

Forte Oil PLC (formerly AP Plc) Friday in Lagos announced its audited results for the half-year ended June 20, 2014, showing sustained growth across its bottom-lines.

Analysis of the results released by the Nigerian Stock Exchange (NSE) showed that its profit before income tax increased 152 per cent to N4.19 billion compared to N1.66 billion recorded in H1 2013.

Similarly, its revenue grew 33 per cent to N79.61 billion as against the N59.96 billion recorded in the same period in 2013.

So far, the company has achieved a 111.05 per cent year-to-date (YTD) share price appreciation in the period under review, moving from N92.87 per share at the beginning of 2014 to N206.30 per share at the close of business last Friday.

Following the company’s excellent performance, the NSE recently promoted it to the league of ‘Highly Priced Stock.’
The company was also recently listed in the Morgan Stanley Capital International (MSCI) Frontier Market Index, one of the world’s leading equity index provider.

Commenting on the company’s performance, its Group Chief Financial Officer, Julius Omodayo-Owotuga, said the company’s successful launch of its newly repackaged lubricants and aggressive consumer engagement activities enhanced its market share.

He added that the company’s continued expansion of its retail network at strategic locations helped to improve market dominance.

According to him, “We also embarked on aggressive growth and expansion of our industrial/commercial customer base to meet our objective of being the supplier of choice. Another factor that enhanced our performance was the strong performance from Geregu Power Plant despite operational challenges.

“The company’s traditional product lines continue to boost revenue with increase sales recorded in fuels, such as Premium Motor Spirit (PMS; petrol), Automotive Gas Oil (AGO; diesel) and Aviation Fuel. Power generation and provision of Upstream Services also contributed significantly to the group’s revenue and profit as Forte Oil’s diversification strategy continues to yield positive income streams.”

On his part, Group Chief Executive Officer, Forte Oil PLC, Akin Akinfemiwa said: “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.”

 

 

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One Comment

  1. Joke

    August 12, 2014 at 9:36 am

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