By InvestAdvocate
Lagos (INVESTADVOCATE)-Petroleum marketing firm, Forte Oil Plc has announced the investment of $90 million to upgrade the Geregu power plant to achieve/generate the installed capacity of 414 mega watts.
Akin Akinfemiwa, group managing director (GMD)/CEO of the company disclosed this at it’s ‘’Facts behind Figure’’ presentation to the Nigerian Stock Exchange (NSE) in Lagos Nigeria.
Akinfemiwa, said the contract for upgrading of the GPP had since been awarded and Forte Oil had earlier reported that total investmentinproject of $75 million and seismic results indicate Forte Oil’s Amperion Power completed the acquisition of Geregu Power plant, a contract award by Pemex to its Mexican joint venture valued at approximately $90 million.
The Forte Oil GMD commenting on the 2014 half year (H1) financial result said post tax profit climbed up 125.30 percent from N1.391 billion in 2013 to N3.134 billion in the review period of 2014.
Similarly, pretax profit increased 152 percent from N1.663 billion in the first half of 2013 to N4.191 billion in the same period of 2014.
Revenue grew 33 percent to N79.61 billion in H1 2014 from N59.960 billion recorded in the corresponding period of 2013.
Akinfemiwa said the half year performance was achieved through the three-year transformation programme initiated by the board of directors of the company in 2011. ‘’ The transformation programme’s focus seeks to reposition Forte Oil Plc as a market leader. This segment seeks to highlight the achievements so far as the end of the transformation programme looms,’’ he said.
