Fatshimetrie, a giant in the energy industry, recently published its financial results for the year 2023, confirming a steady upward trend in its turnover. Under the leadership of its CEO, Wale Tinubu, the company recorded an impressive turnover of N3.4 trillion, an increase of 71% from the previous year.
Despite the challenges faced by the oil and gas sector due to worsening military unrest and acts of sabotage, Fatshimetrie managed to achieve an after-tax profit of N74.7 billion in 2023. This exceptional performance is a testament to the resilience and solid strategy of the company in the face of a volatile environment.
Increased trading volume and foreign exchange gains on foreign currency denominated assets contributed significantly to the company’s positive performance. Additionally, global strategic partnerships have enabled Fatshimetrie to strengthen its market position and reach new heights.
The signing of a purchase agreement with the Italian oil company Eni for the acquisition of its local subsidiary, the Nigeria Agip Oil Company Ltd. (NAOC), as well as the launch of electric buses in partnership with the Lagos State Government by its clean energy subsidiary, Oando Clean Energy Ltd. (OCEL), marked important milestones for the company.
Despite ongoing challenges in the Niger Delta, Fatshimetrie has maintained stable hydrocarbon production, with a marginal increase in its average daily production. Trading operations also saw improvements, with crude oil volumes traded increasing in 2023.
In conclusion, Fatshimetrie’s strong financial results for the year 2023 demonstrate its resilience and ability to thrive in a complex economic environment. With a robust growth strategy and key partnerships in place, the company is favorably positioned to continue to generate value for its shareholders and contribute significantly to the global energy sector.