The Group Chief Executive Officer, Forte Oil Plc, Mr. Akin Akinfemiwa, who spoke during a presentation of the underlying facts of the oil company to stakeholders at the Nigerian Stock Exchange,NSE, said the oil firm has completed arrangements to raise new capital.
Akinfemiwa said discussions are ongoing with the management of NSE as the company intensifies the implementation of its strategic plan to increase supply of petroleum products.
He attributed the impressive half-year performance of the company to aggressive sale drive, strategic retail acquisition, and prudent approach to cost containment.
Forte Oil reported turnover of N84.475 billion for the half year ended June 30, 2016, an increase of 38 per cent on N61.168 billion recorded in the corresponding period of 2015. Profit before tax rose by 31 per cent from N3.255 billion to N4.250 billion in 2016.
The Oil firm Boss said turnover growth was due to ongoing strategic retail acquisitions across the country, increase in pump price of premium motor spirit and increased commercial customer base for both fuels and lubricants.
He added that the power business contributed five per cent to the group turnover and 15 per cent to profit before tax as a result of low generation due to ongoing overhaul project and gas supply constraints due to the security challenges in the Niger delta region.
He outlined that in the months ahead, the company would focus on high margin products, fully exploit LPG business particularly, LPG retailing, bottle refilling, optimize and expand Geregu Power Plant Asset, diversify into upstream space through profitable acquisition of upstream assets and optimizing working capital structure.