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Forte Oil to raise N50bn, targets N11bn profits in 2016

By Peter Egwuatu & Nkiruka Nnorom

LAGOS— Forte Oil Plc has disclosed plans to raise N50 billion through the debt capital market in the second half of the year to finance its expansion programme.

This came as Fidelity Bank Plc, yesterday, disclosed that its deposit base for the first half ended June 2016 had grown to N829.9 billion from N769.6 billion in 2015 financial year.

Forte Oil also said it planned to grow its profit before tax, PBT, to N11 billion in 2016 financial year.

Making the remarks at the company’s Facts Behind Figure presentation on the Nigerian Stock Exchange, NSE, Mr. Akin Akinfemiwa, Group CEO, Forte Oil Plc, said the capital raising exercise would be in phases, with the company raising a maximum of N15 billion in the first phase.

He said the company was already in talks with the NSE management in respect of the efforts to raise capital.

Akinfemiwa assured that the company was on track to meet the forecast PBT figure, having achieved N4.3 billion  in the first half of the year and a major overhaul of the Geregu Power Plant, which would generate 435MW.

Meanwhile, Fidelity Bank Plc, yesterday, disclosed that its deposit base for the first half ended June, 2016 has grown to N829.9 billion from N769.6 billion in 2015 financial year.

This represents a 7.8 per cent increase for the period under review. Also, the bank’s net loans rose impressively by 23.0 percent from N578.2 billion to N711.0 billion, demonstrating its unwavering commitment towards supporting critical sectors of the economy.

According to the bank’s  financial statement for the period under review, it posted a decline of 2.6 per cent and 35.0 percent in its gross earnings and Profit before Tax (PBT) respectively.

Whereas total assets increased by 13.5 percent to N1, 397.9 billion from N1, 231.7 billion in 2015, total equity remained flat at N183.5 billion.

 


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