Press Release
April 15, 2014: LAGOS, NIGERIA– Forte Oil PLC (formerly AP PLC) Nigeria’s foremost energy group, today announced its unaudited results for the three months period ended 31 March, 2014 with the following highlights:
Financial Highlights:
- Revenue grew 31% to N34.8 billion compared to N26.6 billion same period in 2013
- Gross margin increased by 72% to N4.6 billion compared to N2.7 billion in the same period in 2013
- Profit before income tax increased 101% to N1.26bn compared to N633million recorded in 2013
- Profit after income tax increased 108% to N1.1bn compared N530 million same period in 2013
Operational Highlights:
- Achieved a YTD growth of 37.67% inshare price from N92.87 to N148.99
- Successful launch of newly repackaged lubricants and aggressive consumer engagement activities to boost market share
- Continued expansion in the company’s retail network at strategic locations to improve market dominance
- Aggressive growth and expansion of its industrial/commercial customer base to meet its objective of being the supplier of choice
- Strong performance from Geregu Power Plant despite operational challenges.
Revenue growth was attributable to increase in sales of fuels, such as Premium Motor Spirit (PMS; petrol), Automotive Gas Oil (AGO; diesel) and Aviation Fuel. Power generation also contributed 7.42% and 44.13% to the group’s revenue and profit-after-tax respectively as Forte Oil’s diversification strategy continues to yield positive income streams.
Forte Oil formally took-over Geregu Power Plant on November 1, 2013 following a successful acquisition of the 414 power generation plant located in Kogi State of Nigeria, under the Federal Government-led privatization programme to divest public power assets.
About Forte Oil PLC
Forte Oil PLC is Nigeria’s foremost energy group with interests in downstream petroleum operations, power generation and upstream petroleum services. It is headquartered in Lagos, Nigeria, with extended operations in Ghana. The company aims to become the foremost Integrated Energy Solutions Provider in Nigeria, built on the pillars of solid corporate governance, sound business ethics and compliance, enhanced Safety, Health and Environment Practices; driven by technology, world-class business process and highly skilled and motivated workforce.
Forte Oil PLC operates over 500 retail outlets in the downstream sector of Nigeria’s Oil and Gas industry, offering a wide range of petroleum products; Premium Motor Spirits (PMS), diesel, aviation fuel, kerosene, as well as a range of quality lubricants for various automobiles and machines. Its petroleum and lubricant products are distributed mostly to the automobile, industrial, aviation and marine markets, whilst the company is in alliance with leading brands to provide unparalleled shopping experience at its retail outlets to its various customers.
In line with its vision of becoming Nigeria’s leading integrated energy group, Forte Oil diversified its downstream operations into related energy businesses that include a subsidiary which specializes in the supply of Well Production Chemicals and Drilling/Completion Fluids to the upstream petroleum sector.
In consonance with the diversification strategy, Forte Oil PLC established Amperion Power Distribution Company Limited – the state Ground Corporation of China as technical partners, the world’s largest power company – to herald its foray into the power sector. Amperion Power successfully acquired the 414MW Geregu Power Plant, located in Nigeria’s Kogi State under the recent federal government-led privatization programme in the power sector. Forte Oil is poised to carve a niche in the power generation sub-sector by using this as leverage for future opportunities as part of its commitment to bridge the current power deficit in Nigeria.
For more information, please contact;
Odion Aleobua, Head, Brand and Corporate Communications
