Forte Oil sets N224bn turnover target for 2016

Mr Akin Akinfemiwa, the company Group Chief Executive Officer of Forte Oil Plc says the company is targeting a turnover of N224 billion in its 2016 financial year, The Guardian reports

Akinfemiwa, said this on Friday at an investors’ forum in Lagos. He 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 improve its installed capacity of 414 megawatts with an additional 21 megawatts would increase its operating margin and enhance profitability.

He added 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 also said the company 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.

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