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Forte Oil’s Diversification Scheme Pays Off With Increased Profit

Forte Oil Plc has said its diversification programme  has started yielding fruits, as its power asset (Geregu Power Plant), acquired last November, contributed 29 per cent to the company’s profit for the half year ended June 30, 2014.

The company grew its profit before tax for 2014 half by 152 per cent from N1.664 billion to N4.192 billion.

The Group Chief Executive Officer of Forte Oil Plc, Mr. Akin Akinfemiwa, who made this known yesterday in Lagos, noted that the company will also diversify into the upstream space through acquisition of upstream assets to further enhance profitability going forward.

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