Forte Oil plc records 99% rise in profit for Q1 2017

Otedola

Forte Oil plc ended the first quarter of the financial 2017 with NGN33.0 revenue compared to NGN35.6 billion recorded in the first quarter of the financial year 2016.

Its costs of sales for the period was NGN27.2 billion against NGN30.7 billion recorded in the year 2016.

The company recorded NGN5.8 billion gross profit in the period in review against NGN4.8 billion recorded in the financial year 2016. Furthermore, its operating profit for the period rose to NGN3.6 billion in contrast to NGN2.4 billion recorded in 2016.

Forte oil recorded NGN2.0 billion profit before taxation for first quarter 2017 against NGN1.3 billion recorded same period 2016.

After settling its tax for the period, the company’s profit for the year rose to NGN1.8 billion against NGN954.2 million recorded in 2016, which represent 99% rise year on year comparison.

Forte oil plc recorded NGN143.5 billion worth of assets in the first quarter of 2017 against NGN140.7 billion recorded same period 2016. Its total liabilities for the period was

Company Profile

Forte Oil PLC is an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana. It operates majorly in the downstream sector of the Nigeria’s Oil and Gas industry, but has diversified its businesses into other sectors of the energy value chain. The downstream division specializes in the distribution of a wide range of petroleum products; Premium Motor Spirit (PMS), diesel, aviation fuel, kerosene, as well as a range of lubricants for various automobiles and machines; distributed mostly to the automobile, industrial, aviation and marine markets.

Forte Oil also has a subsidiary, which specializes in the supply of Well Production Chemicals and Drilling/Completion Fluids to the Upstream Sector of the Oil and Gas Industry. It continues to pursue aggressive diversification into related high margin businesses, a strategy that has been buoyed by the recent acquisition of the 414 megawatts (MW) Geregu Power Generation Plant located in Kogi State of Nigeria in a government-led privatisation of power assets.