Forte Oil Plc, Nigeria’s premier integrated energy solutions provider, has released an impressive 2015 full year audited financial report showing a profit before Tax of N7.01bn representing a 17% increase over the previous year. The release of the full year audited result is a feat in the history of the Nigeria Stock Exchange (NSE) as Forte Oil has set precedence by filing an approved result 30days after year end ahead of the regulatory deadline of 90 days.
The board of directors has also proposed a cash dividend of N4.50bn which will be paid to all shareholders upon the ratification of the proposal at its forthcoming Annual General Meeting.
Commenting, Mr. Julius Omodayo-Owotuga, Group Executive Director, Finance and Risk Management, Forte Oil Plc said: “the decline in Revenue of 27% was as a result of the reduction in pump price for most petroleum products largely driven by the incessant decline in crude oil prices. In addition, the company also decided to manage its foreign exchange and subsidy exposure by reducing the importation of petroleum products for the year 2015. He added further that “Other income increased by 190% due to income from investment in securities held to maturity, freight income from the 100 trucks acquired the previous financial year and sale of investment property”. “The increase in Admin Expenses is a result of our decision to exit Dollar denominated loans and convert same to Naira at prevailing exchange rates. “Our ability to grow shareholders wealth despite the unfavourable economic environment is a testament to our belief that the business is on a solid and safe trajectory and will continue to consolidate on gains made”
Also Commenting, Mr. Akin Akinfemiwa, the Group Chief Executive Officer, said; “This result in a testing economic climate which we operate, is the reward from the investments made by the Company in its core business and its people. It also clearly demonstrates the resilience of our business. Furthermore, our vision to diversify into Power generation has proven to be very successful not just in the near term but in the long term and we see tremendous growth opportunities in that space. He further attributed the group’s sustained superior performance to highly motivated and skilled employees as well as excellent customer service delivery across all business lines.