By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Petroleum marketing firm, Forte Oil Plc on Friday said its half-year (H1) 2014 post tax profit climbed up 125.3 percent to N3.134 billion from N1.391 billion reported in the same period of 2013.

Similarly, pre tax profit grew 152 percent to NN4.191 billion in the H1 period of 2014 from N1.663 billion recorded in the corresponding period of 2013.

Revenue also increased 32.8 percent to N79.606 billion in the first half of 2014 from N59.960 billion declared in the same quarter of 2013.

In a statement by Odion Aleobua, head, brand and corporate communications and made available to InvestAdvocate Julius Omodayo-Owotuga, group chief financial officer (GCFO) of Forte Oil said achieving 152 percent growth in profitability in the company’s third year of transformation is a clear indication that the milestones set in its restructure programme are being met earlier than envisaged.

According to Omodayo-Owotuga , the 33 percent  increase in revenue is from a growing number of retail outlets and improved commercial customer base, while keeping the firm’s costs; distribution, administrative, and finance low. ‘’The result is an indication that we are operating efficiently and are focused on our vision of being the foremost energy solutions provider,” he said.

 “We are very pleased with our audited H1 results for 2014, which exhibits consistent and sustainable growth for both revenue and profits.  This performance is an affirmation of the resilience of our businesses and a true test of our business transformation strategy despite the adverse impact of petroleum product scarcity experienced in the first quarter of the year,’’ Akin Akinfemiwa, group chief executive officer of the oil marketing firm said.

Akinfemiwa affirmed that superior contributions from Forte Oil’s power and upstream services divisions continued to strengthen its market dominance in company’s quest to be the foremost energy solutions provider. ‘’As we enter the final phase of our business transformation we are confident of  building a long term successful company and making Forte Oil PLC the investment of choice through positive actions that boost investor confidence at all times,” Forte GCEO said.

At the close of transactions on the Nigerian bourse, Forte share price gained N1.50 from N385.50 to N240.00 increasing 0.63 percent.

Also, Forte achieved a 111.05 percent YTD share price appreciation in H1 from N92.87 to N206.30.