Forte Oil H1 Revenue Grew By 38%

Otedola

Forte Oil PLC has released its H1 2016 result showing the company’s topline revenue for the year grew by 38%.

For the period of June 2016, gross revenue rose to NGN84 billion versus NGN61 billion recorded last year. Cost of sales increased to NGN72 billion from NGN52 billion spent last year.

Forte has also tried to reduce its administrative expenses by cutting it to NGN5,3 billion from NGN5,9 billion spent last year.

However, net profit fell to NGN2,3 billion compared to NGN2,5 billion the company raked in last year within the same period under review.

Forte Oil is a key player in Nigeria’s downstream oil sector with over 500 owned, dealer-assisted and dealer-developed retail outlets across Nigeria.

 

 

Disclaimer
Content on this site, including news, quotes, data and other information, is sourced by PageOne.ng from official and public sources and other third party content providers for your personal information only, and is not intended for trading purposes. Content on this site is not appropriate for the purposes of making a decision to carry out a transaction or trade. Nor does it provide any form of advice (investment, tax, legal) amounting to investment advice, or make any recommendations regarding particular financial instruments, investments or products.