Nigeria’s foremost indigenous major marketer of refined petroleum products, Forte Oil plc (formerly AP Plc) presented its financials to the investing public at the Nigerian Stock Exchange’s ‘FACTS BEHIND THE FIGURES’ session today. 

Led by the Group Chief Executive of the firm, Mr. Akin Akinfemiwa; who prior to the event had performed the ceremonial closing bell ringing for the day, Forte Oil made the case that its strategy and engagement process has ensured that it considers itself in a good position upon which it can encourage investors and the market to build a reasonable expectation of returns on investment in the coming periods.

Speaking on behalf of the CEO of The Exchange, its Executive Director, Mr. Ade Bajomo, Market Operations and Technology commended Forte Oil Plc for its integrity and commitment to adopting and adhering to the corporate governance ethos of the bourse and complying with its rules on financial disclosures; which he hopes will be sustained in the interest of the market. 

He also described as remarkable the fact that the group was the first in the downstream Oil & Gas sector to send in its audited accounts for 2013 half year as required by International Financial Reporting Standard. 

In his presentation, Mr. Akinfemiwa  drew attention to its sixty-three percent (63%) increase in PAT, twenty-on percent (21%) increase in revenue, and an improvement in PAT margins from 1.7 percent in 2012 to 2.3 percent in 2013. 

Giving that organizations often put their best foot forward at such sessions, it was no surprise that the management realized the need to show deeds that reinforce the number growth expectations and this was evident with the disclosure that Forte Oil Plc through one of its subsidiary companies had acquired a major stake in the GEREGU POWER PLANT, to diversify its operations towards its goal of becoming a key player in the energy sector, and thus increase its presence and expansion drive in West African markets. 

He further disclosed that the company would be paying out dividend in the 2013 financial year; even as he avoided the rumour on customs street of a bonus issue. 

The Event had in attendance Mr. Haruna Jalo Waziri ED,Business Development NSE, Mrs Cynthia Akpomudiare Head Admin,NSE, Mr. Julius Omodayo-Owotuga Group Chief Financial Officer Forte Oil and Mr. Akinleye Olagbende Company Secretary Forte Oil. 

Source: Proshare