Forte Oil profit soars

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Forte Oil Plc on Monday announced a N2.7 billion profit after tax for the nine months ended 30 September.

According to a statement issued by the company in Lagos, the profit after tax represented a growth of 317 per cent when compared with N700 million declared in the comparative period of 2012.

The report showed that profit before tax rose by 258 per cent to N3.2 billion from the N900 million recorded in corresponding period of 2012.

Its turnover increased by 29 per cent to N92 billion compared with N71 billion posted in 2012.

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Mr Akin Akinfemiwa, Forte Oil Group Chief Executive Officer, attributed the performance to business transformation initiatives, enhanced safety health and environmental practice across its business lines and superior customer service delivery.

“We remain committed to our mission of building a long-term successful company; boosting investor confidence by making Forte Oil the investment of choice in Nigeria and globally,” Akinfemiwa said.

Mr Julius Omodayo-Owotuga, the Group Chief Financial Officer, said that the company would continue with its diversification to increase shareholders’ value and market share.