Forte Oil Plc, announces its results
Petroleum products marketing firm, Forte Oil Plc, also announced its results, indicating a return to profitability after two years of crisis and uncertainty. The company formerly known as African Petroleum Plc, recovered from a loss of N19.95 billion in 2011 to a profit before tax of N1.15 billion in 2012. Profit after tax rose to N1.007 billion from a loss after taxes of N19.54 billion.
The company’s net cash flow from operating activities also recovered from a huge negative balance of N10.5 billion in 2011 to a positive net operating cash flow of N3.5 billion, which is clearly a testimony of the company’s improved operational efficiency and cash flow management.
Commenting on the performance, the Group Chief Executive Officer of Forte Oil Plc, Akin Akinfemiwa, said that 2012 marked the beginning of the company’s three-year transformation plan to a lean, talent-based and technology-driven organisation.
“As we move into 2013 and beyond, we are positive that we shall consolidate on the gains of 2012 to achieve exceptional performance as we move towards our vision of becoming Africa’s No 1 energy solutions provider
According to him, the company, in 2012, carried out a complete restructure of its business with the objective of transforming it into a lean, talent-based and technology-driven organisation that will be more responsive to the needs of its customers.