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Forte oil targets N224b turnover, N11.1b profit in 2016


Forte Oil

Forte Oil

Forte oil has announced that it is targeting a profit after tax of N11.1 billion and a turnover of N224 billion in 2016 financial year.
The company explained that its involvement in the execution of crude oil lifting contracts and the completion of the major overhaul of Geregu power plant to installed capacity of 414mega watts with an additional 21mw to a total of 435mw would increase its operating margin and enhance profitability.
Speaking at the company’s investors’ forum in Lagos yesterday, the Group Chief Executive Officer of the company, Akin Akinfemiwa, who assured shareholders that the company was well positioned to leverage opportunities in the downstream, upstream and power sector, explained that the company would deepen its focus on high-margin products and introduce new product lines such as bitumen,  LPFO and LPG.
Akinfemiwa explained that the company is currently pursuing strategic retail acquisition, adding that it plans to acquire additional 30 retail sites in key business areas.
The company, according to him has also concluded plans with four reputable partners to roll out 70 brand new   redesigned lube bays nationwide from January next year.

He added that the company’s diversifications from downstream player to an integrated energy solution provider underpins the firm’s medium and long term strategy to drive future profitability.
“We are involved in the lifting of the Nigerian crude oil, though not being reflected yet but we have just being informed and this would be one of the business major drivers in 2016.
“With activities in the Nigerian power sector, the firm is strategically positioned to benefit from government reforms, boosting future profitability through diversification, utilisation and cost efficiency.”
He added that the company would roll out an e-commerce site that would enable the company to deliver its products to consumers at their doorsteps.

The Chairman of the company, Femi Otedola hinges the improved performance recorded by the company over the years to sound corporate governance, adding that this has enabled the firm to deliver long-term value for shareholders.

“Sound corporate governance is the key to the success of any business. Another aspect is non-interference of the owners of the company. It is about ensuring that shareholders get returns not about acquiring assets.

“We have the best corporate governance and now is time to reap the investment made wisely couple of years ago, ” he said.

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