Apprehension as Forte Oil Restructures Business

Forte Oil Plc, a major marketer of refined petroleum products is one the companies that recorded the highest profit growth for the 2017 financial year.

The company posted a profit after tax (PAT) of N12.226 billion for the year ended December 31, 2017, up by 323 per cent from N2.890 billion.

Although the company did not recommend any dividend payment, the shareholders were pleased that it recorded a highly impressive performance in a year that was filled with many challenges. The shareholders were particularly happy given the fact the performance came at a time the economy was recovery from recession.

However, while the shareholders are savoring the improved results, they are faced with a tough decision to make as the directors have proposed a business restructure. The directors have said they will restructure the business by divesting its interests in its Ghana operations, upstream services and power business. The shareholders are expected to approve this proposal at the company’s annual general meeting (AGM) next Monday.

THISDAY, May 23, 2018

 

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