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Business & Finance

Forte Oil Declares N5.79bn Profit

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Forte Oil Plc has declared N5.794 billion profit after tax in its audited financial result for the year ended December 31, 2015.

The company being the first to release its audited result for 2015, grew its profit after tax by 30 per cent from N4.57 billion in 2014, as its earning per share rose to N4.57.

The company’s revenue dipped by 26.7 per cent to N124.6 billion from N170.1 billion in 2014, which was due to drop in volumes in its fuels segment which dropped to N104 billion compared to N170 billion in 2014. Forte Oil also declared a dividend per share of N3.45 which indicates a dividend yield of about 1.1 per cent.

Administrative and other expenses went up by 17 per cent to N13.72 billion from N11.73 billion in 2014, while cost of sales declined by 30 per cent from N151.66 billion to N106.26 billion in 2015.

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Also, other income for the group rose a whopping of 190 per cent to N4 billion compared to N1.4 billion in 2014.

Commenting on the result, the group chief executive officer, Forte Oil, Akin Akinfemiwa, said, “The result is an indication that we are operating efficiently and are focused on our vision of being the foremost energy solutions provider.”

He added, “We are very pleased with our audited results for 2015, which exhibits consistent and sustainable growth for both revenue and profits. This performance is an affirmation of the resilience of our businesses and a true test of our business transformation strategy despite the adverse impact of petroleum product scarcity experienced in the first quarter of the year.


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