Forte Oil reports N3bn profit after tax

Femi OtedolaYemie Adeoye 14 June 2013, Lagos – Forte Oil Plc, formerly known as African Petroleum, AP, has reported N3billion Profit After Tax for the first quarter of this year.

Group Chief Executive Officer of the company, Akin Akinfemiwa, made this known to journalists in a media briefing in Lagos.

Akinfemiwa said company had been able to improve its financial base from a loss of N20 billion in 2011 to N 1 billion profits after tax in 2012.

“As we speak today, we have moved from N4 billion negative to N2 billion negative. Our shareholders funds which is the most essential part of our operations have move from N5 billion when we took over to present N8 billion when we came on board,” he said.

Akinfemiwa said that 2012 marked the beginning of the company’s three year transformation plan to a lean, talent-based and technology-driven organisation.

“As we move into 2013 and beyond, we are positive that we shall consolidate on the gains of 2012 to achieve exceptional performance as we move towards our vision of becoming Africa’s number one energy solutions provider,” he stated.

Forte Oil had in 2011 carried out a complete restructure of its business with the objective of transforming it into a clean, talent-based and technology-driven organisation that will be more responsive to the needs of its customers.

Akinfemiwa explained that in line with the determination to ensure improved operational efficiency, effective control has been put in place across the company business lines while stronger corporate governance had been implemented at all levels of operation.

The Forte Oil chief said that positive results from the company’s stock exchange operations indicated bright prospects, meaning that the company had finally turned the corner towards full recovery.

He stressed: “Forte Oil Plc believes its efforts will in no time translate into strong market dominance and thereon strong and sustainable profitability and robust returns to our shareholders

“When the present administration took over in 2012, Forte Oil shares at the floor of the stock exchange ranged between N7 to N8 but presently it has moved to N15. 94.

He reiterated that the company is currently implementing it blue print, adding that “we have moved from a lost position to profit position.”

“As we are today, we are very confidence that have brighter future because we can see growth, increase market share compared to when we inherit the company.

“Today, the company has moved from number sixth position to third position in a short while, in the next 18-months we plan to turn the company around and take it to a greater height,’’ Akinfemiwa added.

About the Author