Forte Oil Plc will be getting a new name very soon. This is following the shareholders’ resolution to change the name of the oil company to Ardova Plc.

The Details: The company made this disclosure in a notification sent to the Nigerian Stock Exchange (NSE), where it announced its forthcoming Extraordinary General Meeting (EGM), scheduled to hold on Tuesday, December 17, 2019.

The Directors of the company were empowered to draw up, sign documents and appoint advisers regarding the matter where necessary. They were also expected to comply with the directives of regulatory authorities to make the name change possible.

The statement said, “The Shareholders hereby approve that the name of the Company be changed from Forte Oil Plc to Ardova Plc.

 “The Directors of the Company be and are hereby authorized to approve, sign and/or execute all documents, appoint such professional parties and advisers, as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority and all acts carried out, steps taken and documents executed (or to be executed) by the Directors of the Company in connection with the above resolutions be and are hereby approved.

[READ MORE: Forte Oil to observe closed period of trading]

Closure of Register: In addition, the shareholders intend to close the Register of Members and transfer of Books of the Company from 6th December 2019 to 15th December 2019 for the purpose of attending the meeting.

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A look into the company’s financials: Forte Oil’s interim financial statements for the period ended September 30, 2019, shows that it recorded a massive growth in its profit after tax.

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Revenue: Forte Oil generated N123.54 billion in revenue as at the end of the nine-month period of 2019 compared to N94.81 billion in revenue as at September 2018. This represented a 30.3% increase.

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Profit Before Tax: As at the end of the third quarter of September 2019, Forte Oil recorded N6.53 billion as profit before tax, up from N645.88 million recorded as at the end of the third quarter of September 2018, representing an increase of 912%.

Profit After Tax: The oil firm recorded a profit of N5.25 billion for the nine-month period of 2019, compared to N348.73 million recorded at the end of the nine months period for 2018 which represents a whopping 1408% increase in profit after tax.

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