Forte Oil Plc, which owns a power plant and sells gasoline in Nigeria, recorded a double digit growth in profit amid a foreign exchange restriction hurting the operations of petroleum oil major marketers in Africa’s largest economy. For the first three months through March 2016, Forte Oil’s net income increased by 21.84 percent to N954.28 million from N783.14 million as at March 2015.
Formerly African Petroleum (AP), Forte Oil operates over 500 fuel service stations across Nigeria. The company also controls Amperion Power Distribution Company Limited, the owner of the 414MW Geregu Power Plant located in Kogi state. In September 2015, Mercuria Energy Group, a Swiss oil and gas commodity-trading giant, acquired 17 percent equity in Forte Oil for $200 million. Nigerian billionaire, Femi Otedola, owns majority shareholding in Forte Oil.
In the quarter under review, Forte Oil said basic earnings per share rose to 61 kobo per share as against 26 kobo per share recorded in the corresponding period last year.