Forte Oil Posts 108% Profit Increase in First Quarter

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Forte Oil on Wednesday announced it doubled its first quarter pre-tax profit to N 1. 26 billion from N633 million in 2013.

The company in a statement said its revenue grew by 31 per cent to N34.8 billion compared to N26.6 billion in the corresponding period of 2013. Also, its profit after income tax increased 108 per cent to N1.1billion compared N530 million in the same period in 2013.

The company attributed this to increase in sales of fuels, such as premium motor spirit (PMS; petrol), automotive gas oil (AGO- diesel) and aviation fuel.

Forte in the statement said “Power generation also contributed 7.42 per cent and 44.13 per cent to the group’s revenue and profit-after-tax respectively as Forte Oil’s diversification strategy continues to yield positive income streams.

“Forte Oil formally took-over Geregu Power Plant on November 1, 2013 following a successful acquisition of the 414 power generation plant located in Kogi State of Nigeria, under the Federal Government-led privatization programme to divest public power assets.”

While promising improved returns to shareholders, it stated that the successful launch of its newly repackaged lubricants and aggressive consumer engagement activities will boost its market share.

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