FORTE OIL

Forte Oil
Posted on 2014-08-11 00:00:00 under news from its website

FORTE OIL POSTS 152% INCREASE IN PROFIT-BEFORE-TAX OF N4.19BN

PRESS RELEASE
AUGUST 8, 2014
 FORTE OIL POSTS 152% INCREASE IN PROFIT-BEFORE-TAX OF N4.19BN IN H1 2014 RESULTS
August 5, 2014: LAGOS, NIGERIA- Forte Oil PLC (formerly AP PLC) Nigeria's foremost energy group, today announced its audited results for the six months period ended 30 June, 2014 with the following highlights:
 Major Highlights: 
  • Profit before income tax increased 152% to N4.19 billion compared to N1.66 billion recorded in H1 2013
  • Revenue grew 33% to N79.61 billion compared to N59.96 billion recorded in the same period in 2013
  • 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
  • Achieved a 111.05% YTD share price appreciation in H1 from N92.87 to N206.30
  • Inclusion into the Morgan Stanley Capital International (MSCI) Frontier Market Index, one of the world's leading equity index provider
  • Inclusion into the Nigerian Stock Exchange's league of ‘Highly Priced Stock'

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