Forte Oil Plc, an indigenous downstream oil major in its financial reports fir the nine months of the financial year 2017 is reporting 85% rise in profit to NGN5.0 billion.
The result is a significant one compared to NGN2.7 billion reported in the same period in the financial year 2016.
The group ended the period with lower revenue of NGN96.8 billion in contrast to NGN121.0 billion posted in the previous year while gross profit was higher at NGN16.9 billion against NGN15.4 billion in the year before.
The result also showed that the group’s operating profit surged up by 24% to NGN9.7 billion compared to NGN7.8 billion recorded in the fiscal year 2016.
Forte Oil plc said its total assets for the period in review was NGN148.1 billion compared to NGN140.7 billion in the 2016 while total liabilities was NGN102.4 billion versus NGN97.4 billion in the previous year.
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.