Forte Oil posts revenue of N128bn

— Proposes total dividend of N4.31bn

Forte Oil Plc, (formerly AP Plc), an indigenous integrated energy solutions provider  has recorded a significant  growth for its financial year ended December 31, 2013 as its revenue increased to N128 billion. The figure represents a surge of 41% against N91 billion achieved in the comparative period of 2012.
The company also announced a 467% increase in profit before tax to post N6.524 billion for the period compared to N1.15 billion recorded in 2012. Profit after income tax increased by 397% to N5.00 billion from N1.01 billion achieved in corresponding period of 2012.
Earnings per share (EPS) grew by 365% to N4.32 kobo compared to N0.93 kobo recorded the same period in 2012∙    the company proposed dividend payout of N4.31 billion which translate to N4 per share held by investors
However Forte Oil in 2013 achieved a 1164.55% share price growth to emerge the best performing and investment stock on the NSE in 2013 and also had a successful capital reorganisation to offset accumulated losses of more than N55.98 billion against share premium∙      .
The company attributed its growth in revenue to the significant increase recorded in the sales of its fuel products segment, as well as production chemicals. The company further said that the newly acquired power plant also contributed significantly to the revenue stream. It however said that the group’s profitability was enhanced by interest income earned on bank deposits, following the implementation of efficient cash management strategies.
Commenting on the result, the group chief financial officer, Mr. Julius Omodayo-Owotuga, said the company closed 2013 with a 41%, 467% and 365% growth in revenue, profit before taxes and earnings per share respectively.
“These growths are by-products of a well-executed business transformation strategy in the last 24 months covering corporate governance, risk management and controls, business revitalisation, development and expansion.”

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