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Forte Oil Repositions to Enhance Shareholders’ Value

23 Apr 2012

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Forte Oil Plc

By Eromosele Abiodun

The management of petroleum product marketing company, Forte Oil Plc (formerly African Petroleum Plc), has stated that it had embarked on plans to ensure that  shareholders and stakeholders  enjoy enhanced returns in the years ahead.

Addressing capital market reporters, on the company’s forecast, the Acting Group Chief Executive Officer of Forte Oil Plc, Mr. Akin Akinfemiwa, stressed that he was  optimistic that its strategies would sustain   drive to  put the  company  on a sound footing.

Akinfemiwa  hinged his optimism on  brighter prospects in the downstream sector, boasting that  the company’s  half year  operating profit would hit a new high even as sales continued to improve.

“Barring any unforeseen contingencies, the company’s half year profit before taxation has been projected at about N1billion considering the company’s first quarter performance,” he said.
He said that 2012 was a year of recovery for the company adding that the company had put in place measures to reward its stakeholders.

He added that :“In this time, the company will build on the foundation laid last year through a revamp of its people systems and structures that will give us the required leverage to return to our winning ways.

“It is expected that shareholders who have waited with bathed breath on when situation will improve in the company, aftermath of the near crash situation in the equities market starting from 2008, will begin to experience a new lease of life as profitability has started to return on all investment front in the company. 

“As we move through 2012, we expect financial momentum to build as we restore high-value output in all areas of our business and also bring new projects on stream in the areas of upstream Exportation and Production.”

He explained that Forte Oil recently carried out a complete restructure of its businesses with the objectives of transforming it into a lean, talent based and technology driven organisation that will be more responsive to the needs of its customers.

According to him, a part of this step involved a pay-out of about N8 billion as severance package.

“As part of its now improved operational efficiency; controls have been 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-SAP and the implementation of the International Financial Reporting Standard (IFRS) compliant financial reporting firework.”

As major part of its rebranding efforts, Akinfenwa said Forte Oil Plc’s retail outlets spread across the nation are now being rebranded in its new brand.

Forte Oil Plc, he noted, was confident its efforts would in no time, translate to strong market dominance in and thereon strong and sustainable profitability and robust returns to our shareholders.

Tags: Nigeria, Featured, Business, Forte Oil Plc, Akin Akinfemiwa, AP

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