Forrte Oil Nigeria Plc has said it expanding its businesses with the introduction of new products and services that offering solid control, waste management and engineering services, which is aimed at boosting the company earnings performance.
The Group Chief Executive Officer Akin Akinfemiwa disclosed this during the company’s facts behind the figures presentation on the floor of Nigerian Stock Exchange (NSE). Akinfemiwa further disclosed that parts of the company strategy are to improve operating margins, diversify revenue base and pursue focused mergers and acquisitions, strategic partnerships and joint ventures.
On improving operating margin, he said “growing the downstream business organically, deepen focus on high margin products that is the lubricants increase lubes and throughput per station. Fully exploit LPG business particularly LPG retailing and bottle refilling, optimize operation of Geregu Power plant asset. Achieve optimal structures for debt”
In the area of diversifying revenue base he explained that it will be done through diversification into the upstream sector through profitable acquisitions of upstream assets. Harness partnerships with convenience stores, financial institutions and telecommunications firms to increase foottall to retail out lets and improve assets utilization. Also plans to introduce new product offering such as solar energy solution and other alternative energy solutions.
Akinfemiwa all through presentation applauded the company operations with Geregu power plant asset as a major contributor to the company earnings in the year under review.
He affirmed that they will aggressively pursue merger and acquisition opportunities along the energy value chain, make accretive acquisitions while exercising bid/pricing discipline, grow market share through acquisition of strategic retail infrastructure/assets, enter into strategic partnerships and joint ventures for local refining of petroleum products as soon as there is an improvement in the economy or a viable opportunity presents itself sometime in the future..