Forte Oil Plc released impressive 2014 H1 results today as pre-tax profits rose 152% to N4.1billion. I am yet to review the results as I await the full financials including notes. However, the company CEO and COO had this to say regarding the result.
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.”
Forte Oil share price closed flat today at N240 gaining just 0.6% with 412,758 shares exchanging hands.