Forte Oil Posts N5b Profit in 9 Months Despite 20% Drop in Revenue

October 14, 2017

By Modupe Gbadeyanka

One of the leading oil and gas firms in Nigeria, Forte Oil Plc, on Friday, October 13, 2017, released its financial statements for the first nine months of this year.

In the financial results released to the Nigerian Stock Exchange (NSE), the company recorded a 20 percent drop in its revenue for the period ended September 30, 2017.

Business Post observed that Forte Oil’s revenue depleted by N24.2 billion during the period from N121 billion as at September 30, 2016 to N96.9 billion this year.

However, despite this loss in revenue, the company still posted a rise in its profit for the period, N5.1 billion compared with N2.8 billion recorded a year ago.

In the financial statements, Forte Oil said its profit before tax as at September 2017 stood at N5.59 billion against N5.63 billion 12 months ago.

Furthermore, the gross profit stood at N16.9 billion in the period under review against N15.5 billion in the corresponding period of 2016.

In addition, the oil firm said during the period under review, its foreign exchange loss was N20.2 million versus N198.5 million a year ago, while bad and uncollectible debt closed at N222.9 million in September 2017 in contrast to N7.2 million 12 months ago.

Also, salaries, wages and allowances gulped N1.1 billion in the period under review compared with N1.2 billion in the corresponding period of 2016.

In the period under review, Forte Oil’s basic earnings per share stood at 50 kobo versus N2.27k in September 2016, and was based on the profit attributable to ordinary shareholders of N337,142,000 (September 2016: N2,963,582,000), and on the 1,305,030,180 (September 2016: 1,305,030,180) ordinary shares of 50 kobo each, being the weighted average number of ordinary shares in issue during the current and previous period.

View the financial statements HERE

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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