Yemisi Izuora
Forte Oil Plc is concluding arrangement to hold its 37th Annual General Meeting (AGM) where it will present proposal for the approval of N3.45 kobo per share dividend to its investors.
If shareholders endorse the proposal the recommended dividend payment of N3.45 kobo will be payable on April 29, 2016 to shareholders whose names are registered in the register of members as at close of business on April 15, 2016.
Forte says the dividend payment shall also apply to the bonus shares announced at the AGM last year.
“The Shareholders’ Register and Books of Transfer will thereafter be closed from April 18 to April 21, 2016 to enable the Registrars prepare for the payment of Dividend,” the company added.
A review of the 2015 audited year end pretax profit of the oil marketing firm climbed up 16.7 percent to N7.012 billion from N6.006 billion recorded a year ago.
Similarly profit after tax (PAT) grew 30 percent to N5.794 billion from N4.457 billion declared in 2014.
Revenue of Nigeria’s premier integrated energy solutions provider, dipped from N170.128 billion in the 2014 audited year end to N124.617 billion recorded in the same period of 2015; showing a depreciation of 27 percent.
Julius Omodayo-Owotuga, the group chief financial officer, Forte Oil Plc said:
“The decline in Revenue of 27 percent was as a result of the company strategy to reduce importation of Premium Motor Spirit so as to reduce the company’s exposure to subsidy receivables from the federal government”.
“Other income increased by 190 percent due to sale of Investment property, investment in securities held to maturity, freight income from the investment made in the 100 trucks of the previous financial year to mention a few,” he added.
“Our ability to provide a profit for our shareholders is testament to our belief that the business is on a solid and safe trajectory and will continue to consolidate on gains made,” Omodayo-Owotuga noted.
On his part, Akin Akinfemiwa, the group chief executive officer, said; “This result in a testing economic climate which we operate, is the reward from the investments made by the company in its core business and its people.
It also clearly demonstrates the resilience of our business. Furthermore, our vision to diversify into power generation has proved to be very successful not just in the near term but in the long term and we see tremendous growth opportunities in that space.
He further attributed the group’s sustained superior performance to highly motivated and skilled employees as well as excellent customer service delivery across all business lines.