22 February 2016, Lagos – Shareholders of Forte Oil Plc will receive the N3.45 dividend per share recommended for 2015 as from April 29, 2016, the company said at the weekend.
The integrated energy solutions provider recently recorded a profit after tax of N4.5 billion and while the directors recommended a dividend of N3.45 per share. The company notified the Nigerian Stock Exchange (NSE) the weekend that dividend would be paid as from April 29 to shareholders after getting the shareholders’ approval at the annual general meeting slated for April 22.
Details of the financial results for the year ended December 31, 2015, showed that Forte Oil recorded a revenue of N124.6 billion, down from N170 billion.
However, profit before tax rose by 16.7 per cent from N6.0 billon to N7.0 billion, while profit after tax jumped by 30 per cent from N4.5 billion to N5.8 billion in 2015.
Commenting on the results, the Group Chief Financial Officer, Forte Oil Plc, Mr. Julius Omodayo-Owotuga said: “The decline in revenue of 27 per cent was as a result of the company strategy to reduce importation of Premium Motor Spirit so as to reduce the Company’s exposure to subsidy receivables from the Federal Government. Other income increased by 190 per cent due to sale of investment property, investment in securities held to maturity, freight income from the investment made in the 100 trucks of the previous financial year, to mention a few.
“Our ability to provide a profit for our shareholders is testament to our belief that the business is on a solid and safe trajectory and will continue to consolidate on gains made.”
Speaking in the same vein, the Group Chief Executive Officer of the company, Mr. Akin Akinfemiwa said; “This result in a testing economic climate which we operate, is the reward from the investments made by the company in its core business and its people. It also clearly demonstrates the resilience of our business. Furthermore, our vision to diversify into power generation has proved to be very successful not just in the near term but in the long term and we see tremendous growth opportunities in that space.”