Forte Oil Shareholders To Receive Bonus Shares | Independent Newspapers Limited
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Forte Oil Shareholders To Receive Bonus Shares

Posted: Mar 31, 2016 at 3:00 am   /   by   /   comments (0)



Eligible shareholders of the integrated energy solutions provider, Forte Oil Plc, will receive bonus shares as at the close of register on March 15, 2015 prior to the Year 2014 Annual General Meeting of the company.


This was contained in a filling to the management of The Nigerian Stock Exchange (NSE) on Wednesday.


The bonus share, according to the company, has been approved by the Securities and Exchange Commission (NSE) and the company’s registrars shall begin the credit of the shares to eligible shareholders via the Central Securities Clearing System Limited (CSCS).


The company recently recorded a profit after tax of N4.5 billion with the directors recommending a dividend of N3.45 per share.


Details of the financial results for the year ended December 31, 2015, showed that Forte Oil recorded a revenue of N124.6 billion, down from N170 billion.


However, profit before tax rose by 16.7 per cent from N6.0 billion to N7.0 billion, while profit after tax jumped by 30 per cent from N4.5 billion to N5.8 billion in 2015.


Commenting on the results, the Group Chief Executive Officer of the company, Mr. Akin Akinfemiwa 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.”