Forte oil projects N3bn profit after tax in 2013

Forte Oil plc, formally African Petroleum has projected N3billion Profits after Tax in 2013, Akin Akinfemiwa, the group chief executive officer, has said. He said that the present administration had been able to improve the financial base of the company from N20billion lost in 2011 to N1billion profits after tax in 2012.

The company boss said that the company which use to have a negative liquidity from its operations, had suddenly improved significantly.

According to him, “as we speak today we have moved from N4billion negative to N2 billion negative. Our shareholders funds which is the most essential part of our operations has move from N5billion when we took over to present N8 billion when we came on board,” he said.

Akinfemiwa said that 2012 marked the beginning of the company’s 3-year transformation plan to a lean, talent-based and technology-driven organisation.

“As we move into 2013 and beyond, we are positive that we shall consolidate on the gains of 2012 to achieve exceptional performance as we move towards our vision of becoming Africa’s No. 1 energy solutions provider.

“You may recall that Forte Oil plc in 2011 carried out a complete restructure of her business with the objective of transforming it into a lean, talent-based and technology-driven organisation that will be more responsive to the needs of its customers.

As part of its now improved operational efficiency; controls have improved across business lines, stronger corporate governance and compliance are being ensured at all levels as well as the introduction of the foremost business enterprise solution.

The Forte Oil chief said that the results stock exchange result has shown prospectus indication that the company has finally turned the corner towards full recovery.

“Forte Oil plc believes its efforts will in no time; translate to strong market dominance and thereon strong and sustainable profitability and robust returns to our shareholders.Akinfemiwa said that when the present administration took over in 2012 forte oil shares at the floor of stock exchange ranging between N7 to N8 while it has been moved to N15.94. He said that right now, the company is implementing the blueprint, adding that the company has moved from a lost position to profit position.

He said that the company, which has been making loses for consecutive years had suddenly turned things around to begin to make high profits in 2012.