A Review of the Nigerian Energy Industry

Forte Oil posts N5bn profit, declares N4 dividend

Forte oil03 February 2014, Lagos – Forte Oil Plc has become the first company to announce its audited results for the year ended December 31, 2013, delighting shareholders with proposal to pay a dividend of N4.00 per share.

The company, formerly known as African Petroleum Plc, reported a revenue of N128 billion in 2013, up by 40.7 per cent from N90.1 billion recorded in 2012. Gross profit rose by 24.4 per cent from N10.14 billion to N12.67 billion, while profit after tax soared by 396 per cent from N1 billion to N5 billion.

Based on the impressive performance, the petroleum products marketing firm recommended a dividend of N4.00 per share for its shareholders.

Indication that Forte Oil will end 2013 with an impressive performance came last year when the company recorded huge growth in its results for the nine months ended September 31, 2013. The company had recorded a growth of 258 per cent in profit before tax and 317 per cent in profit after tax.

Group Chief Executive Officer of Forte Oil, Mr. Akin Akinfemiwa, had attributed the improved results to clear focus on its  business transformation initiatives, which include solid corporate governance and business ethics, enhanced safety health and environmental practices across all business lines and superior customer service delivery.

“We remain committed to our mission of building a long-term successful company; boosting investor confidence by making Forte Oil PLC the investment of choice in Nigeria and globally; and creating and sustaining robust returns to our shareholders,” he said.

Speaking in the same vein, the Group Chief Financial Officer of the company, Mr.  Julius Omodayo-Owotuga said: “With a return on equity of over 26 per cent and a 317 per cent increase in profit after tax, it is clearly a new dawn at Forte Oil Plc as we consolidate the gains of our business restructuring efforts. We shall continue to pursue initiatives that will spur business growth and efficiency, liquidity management and aggressive diversification into related high margin business that would continue to increase shareholder value such as our recent acquisition of the 414 MW Geregu Power Generation Plant in Kogi State.”


– This Day


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