Forte Oil targets N224bn turnover in 2016

Forte Oil Plc says it is targeting a turnover of N224 billion in its 2016 financial year.

Mr Akin Akinfemiwa, the company Group Chief Executive Officer, said this on Friday at an investors’ forum in Lagos.

Akinfemiwa said that the organisation was also targeting a profit after tax of N11.1 billion in the same period.

He said that the completion of the major overhaul of Geregu Power Plant to iimprove its installed capacity of 414 megawatts with an additional 21 megawatts would increase its operating margin and enhance profitability.

Akinfemiwa said that the company was well positioned to leverage on opportunities in the downstream, upstream and power sectors.

He said that the company would deepen its focus on high margin products and introduce new product lines such as Bitumen, Low Pour Fuel Oil (LPFO) and Liquefied Petroleum Gas (LPG).

Akinfemiwa said the company was currently pursuing strategic retail acquisition and planned to acquire additional 30 retail sites in key business areas.

He said that the company had concluded plans with four reputable partners to roll out 70 newly redesigned lube bays nationwide as from January.

Akinfemiwa said that the company’s diversification from downstream player to an integrated energy solution provider underpined the firm’s medium and long-term strategy to drive future profitability.

“We are involved in the lifting of the Nigerian crude oil, though not being reflected yet, but we have just been informed and this will be one of the business major drivers in 2016.

“With activities in the Nigerian power sector, the firm is strategically positioned to benefit from government reforms, boosting future profitability through diversification, utilisation and cost efficiency,” he said.