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.
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