Forte Oil unfolds plan to increase revenue, shareholders’ value
Addressing stockbrokers during the company’ s ‘Facts Behind the Figures’ in Lagos yesterday, the Group Managing Director of the company, Akin Akinfemiwa explained that the company plans to improve operating margins and diversify revenue base through focussing on high margin products such as lubricants and expanding the Geregu power plant assets with additional 21 mega watts
He added that the Geregu power plant added 56 percent to the company’s profit before tax..
He explained that the company has concluded arrangement to diversify into the upstream space through profitable acquisition of upstream assets.
He added that the company would optimize opportunities from its real sector assets to grow complimentary businesses which would ultimately increase its bottomline.
To strenghten its balance sheet in the current year, Akinfemiwa disclosed that the company would inject more capital into the business through debt or equity.
There is an ongoing plans and commitment with potential investors to inject additional capital through debt or equity within the next few weeks. This we believe would significantly impact our negative working capital and also shore up our shareholders funds.”