Forte Oil joins United Nations global compact CSR initiative

Forte-Oil-Plc-2304

Forte Oil fuel station

10 February 2016, Lagos – Forte Oil Plc, an integrated energy company, has been listed as a participant of the United Nations Global Compact (UNGC), the world’s largest corporate social responsibility initiative with over 8,000 companies and 4,000 non-business participants in 135 countries that are committed to the advancement of global Sustainable Development Goals (SDGs).

As a signatory to the UNGC platform, Forte Oil aligns its core business activities, advocacy and philanthropy with universal principles on human rights, labour, environment and anti-corruption. The UNGC works to ensure that business activity adds value not only to the bottom-line, but also to people, communities and the planet.

Commenting on the development, the Group Chief Executive Officer, of Forte Oil,  Mr. Akin Akinfemiwa said: “We are very proud to be part of this global initiative that promotes what our company is very passionate about – Conducting business in the most ethical and transparent manner. The goals and ideals of the UN Global Impact aligns with the vision of the company to use best governance practices as a tool for not only for profitability but also to be to be a valuable corporate citizen in our immediate environment and the world at large.”

Forte Oil recently reported a profit after tax (PAT) of N4.284 billion for the nine months ended September 30, 2015, showing an increase of 6.6 per cent above the N4.0 billion recorded in the corresponding period of 2014.

The company posted revenue of N91.616 billion, down by 25 per cent from N122.55 billion in the corresponding period of 2014. However, cost of sales went down by 28 per cent to N78.63 billion, compared with N109.283 billion in 2014. Gross profit stood at N12.969 billion, compared with N13.294 billion, while other income soared by 216 per cent from N842 million to N2.664 billion.

Distribution expenses reduced by 11 per cent to N1.876 billion, from N2.122 billion, while administrative expenses jumped by 44 per cent from N5.66 billion to N8.18 billion.
Consequently, Forte Oil ended the nine months with an operating profit of N5.58 billion, compared with N6.348 billion in 2014. However, a significant reduction in net finance cost which dipped by 74 per cent from N1.145 billion to N292 million enhanced the bottom-line of the company. As a result, profit after tax improved by 6.6 per cent from N4.0 billion to N4.284 billion in 2015.

Forte Oil Plc one of the  foremost indigenous major marketer of refined petroleum products, has  a strong presence in the thirty-six states of Nigeria and the Federal Capital Territory (FCT), Abuja.

The company operates a network of 500 outlets spread across the country with major fuel storage installations at both Apapa (Lagos State) and Onne (Rivers State).

 

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