Forte Oil, formerly known as African Petroleum Plc has recorded revenue of N34.780 billion for its first quarter financial year ended March 31 2014.
The amount represent a growth of 23.51 per cent compared with N26.602 billion, The gross profit the company also rose by 20.67 per cent to N4.629 billion from N2.684 billion achieved in the preceding year.
The company also posted profit before tax of N1.269 billion from N633.073 million recorded in the comparable period, representing a surge of 51.88 per cent while profit after tax grew by 51.88 per cent to N1.102 billion from N530.396 million achieved in corresponding period of 2013. The earning per share rose by 34.99 per cent to 0.75 per cent from 0.49 per cent while total assets dropped by 2.64 per cent to N101.989 billion from N104.678 billion.
The company in its financial year ended December 31, 2013 reported a revenue of N128 billion, 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.
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.
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.