The Group Chief Executive Officer of Forte Oil Plc, Mr. Akin Akinfemiwa, has attributed the impressive half-year performance of the company to aggressive sale drive, strategic retail acquisition, and prudent approach to cost containment.
Forte Oil reported a revenue of N84.475billion for the half year ended June 30, 2016, showing an increase of 38 per cent, from N61.168billion in the corresponding period of 2015.
Profit before tax (PBT) rose by 31 per cent from N3.255billion to N4.250billion in 2016.
Speaking at the ‘Facts behind the figures’ presentation of the company at the Nigerian Stock Exchange (NSE) yesterday, Akinfemiwa said revenue grew as a result of ongoing strategic retail acquisitions across the country, increase in pump price of premium motor spirit and increased commercial customer base for both fuels and lubricants.
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