Forte Oil posts 152% increase in profits before tax of N4.19BN in 1st half 2014 results

Forte Oil posts 152% increase in profits before tax of N4.19BN in 1st half 2014 results

Forte Oil PLC (formerly AP PLC) Nigeria’s foremost energy group, today announced its audited results for the six months period ended 30 June, 2014 with the following highlights:
Highlights:
Profit before income tax increased 152% to N4.19 billion compared to N1.66 billion recorded in H1 2013
Revenue grew 33% to N79.61 billion compared to N59.96 billion recorded in the same period in 2013
Successful launch of newly repackaged lubricants and aggressive consumer engagement activities to boost market share
Continued expansion in the company’s retail network at strategic locations to improve market dominance
Aggressive growth and expansion of its industrial/commercial customer base to meet its objective of being the supplier of choice
Strong performance from Geregu Power Plant despite operational challenges
Achieved a 111.05% YTD share price appreciation in H1 from N92.87 to N206.30
Inclusion into the Morgan Stanley Capital International (MSCI) Frontier Market Index, one of the world’s leading equity index provider
Inclusion into the Nigerian Stock Exchange’s league of ‘Highly Priced Stock’
The company’s traditional product lines continue to boost revenue with increase sales recorded in fuels, such as Premium Motor Spirit (PMS; petrol), Automotive Gas Oil (AGO; diesel) and Aviation Fuel. Power generation and provision of Upstream Services also contributed significantly to the group’s revenue and profit as Forte Oil’s diversification strategy continues to yield positive income streams.
According to the Group Chief Financial Officer, Forte Oil PLC, Julius Omodayo-Owotuga, “Achieving 152% growth in profitability in our third year of transformation is a clear indication that the milestones set in our restructure programme are being met earlier than envisaged. Revenue increased by 33% from a growing number of retail outlets and improved commercial customer base, while keeping our costs; distribution, administrative, and finance low. The result is an indication that we are operating efficiently and are focused on our vision of being the foremost energy solutions provider.”
Also commenting, the Group Chief Executive Officer, Forte Oil PLC, Akin Akinfemiwa said; “We are very pleased with our audited H1 results for 2014, which exhibits consistent and sustainable growth for both revenue and profits. This performance is an affirmation of the resilience of our businesses and a true test of our business transformation strategy despite the adverse impact of petroleum product scarcity experienced in the first quarter of the year. Superior contributions from our power and upstream services divisions continue to strengthen our market dominance in our quest to be the foremost energy solutions provider. As we enter the final phase of our business transformation we are confident of building a long term successful company and making Forte Oil PLC the investment of choice through positive actions that boost investor confidence at all times.”
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