Forte Oil PLC Nigeria's today announced unaudited results for the nine months period ended 30 September, 2013 with the following highlights:
Financial Highlights:
- Profit -Before-Tax of N3.2 billion recording a 258% increase compared to N0.9 billion same period in 2012
- Profit-After-Tax increased 317% to N2.7 billion compared to N0.7 billion delivered same period in 2012
- Revenue increased 29% to N92 billion compared to N71billion recorded same period in 2012
- Earnings per share increased 317% to N2.54.
Operational Highlights:
- Focus on its ‘Business Transformation Programme' which includes strategic retail business expansion, growing of its commercial customer base and Non-fuel revenue activities.
- Increased Revenues from the sale of refined petroleum products - Premium Motor Spirit (PMS or petrol), Automotive Gas Oil (AGO or Diesel) Aviation Turbine Kerosene (ATK) and Premium Quality Grade Lubricants
- Improved and optimised logistics across its entire distribution network
- Streamlined Business Processes to improve overall business efficiency and consequently superior customer service delivery
The Group's profitability outperformed its third quarter projection of N2.6 billion profit after tax. In the same vein, the N92bn revenue recorded in Q3 2013 also surpassed the N78bn expected in the period under review, as the group pushed to regain market share.
Source: Press release
