The Annual General Meetings, AGMs, of companies that are quoted on the Nigerian Stock Exchange, NSE, have taken place in the past few months. These AGMs have considered the reports and accounts of the various companies for the year 2014. Forte Oil Plc published its reports and accounts early although it was not the first company to have its results published as it was the previous year.
Forte Oil Plc has a 57 per cent stake in Amperion Power Distribution Company which in turn has a 51 per cent stake in Geregu Power Plc, a thermal power station located in Ajaokuta, Kogi State. The gross profit from all of Forte Oil Plc various operations is N18.46billion out of which power generation is contributing N4.74billion. This is an indication that the power generating companies on the national grid can make a profit at current electricity tariff levels.
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