Forte Oil Plc, one of the Nigeria’s leading indigenous petroleum products marketing company quoted on the floor of the Nigerian Stock Exchange (NSE)at the weekend announced the adoption of world-class enterprise business solution- SAP across its business.
The announcement came on the heels of the Acting Group Chief Executive Officer, Mr. Akin Akinfemiwa’s, promise to its stakeholders in January that the new management was focused on increasing stakeholder value through operational efficiency.
SAP, is the market leader in enterprise application software which works with businesses to improve their productivity. It works with companies by integrating and standardising business processes in order to help them achieve their growth strategies.
Having been in existence for up to four decades, SAP is used internationally across various sectors of the economy.
The SAP solution adopted by Forte Oil Plc covers its sales and distribution, manufacturing operations, materials management, financial systems and human capital management.
Speaking at the formal introduction of the solution, the Acting Group Chief Financial Officer, Mr. Julius Omodayo-Owotuga, said: ‘‘Integrating business operations and financial management processes is best practice for any forward looking business, SAP allows us achieve this process of modernisation.We are pleased to be improving our systems, controls and structures, and we are confident that this will ultimately deliver shareholder value.”
Omodayo-Owotuga, noted that Forte Oil Plc recently carried out a complete restructure of its business with the objective of transforming it into a lean, talent- based and technology- driven organisation that would be more responsive to the needs of its customers.
He said that the company also recently announced its first quarter operating results with a profit of N370million (40 per cent higher than 2011), adding that the half year profit was projected to hit a new high of about N1billion adding that the adoption of SAP was a major tool to support the achievement of this target.
The company earlier announced that its half year operating profit would hit a new high even as sales continue to improve,thus signaling that it was on its way to recovery.
Addressing capital market reporters, on the forecast, Akinfemiwa, said that 2012 was a year of recovery for the company. “In this time, the company will build on the foundation laid last year through a revamp of its people systems and structures that will give us the required leverage to return to our winning ways”.
It is expected that shareholders who have waited with bathed breath on when the situation would improve in the company following the near crash situation in the equities market starting from 2008, would begin to experience a new lease of life as profitability has started to return on all investment fronts in the company.
“As we move through 2012, we expect financial momentum to build as we restore high-value output in all areas of our business and also bring new projects on stream in the areas of upstream Exportation and Production.”