Forte Oil reports N61.8bn revenue in first half 2018

Forte Oil has announced a revenue of N61.8 billion for the half year ended June 30, 2018.

Mr Akin Akinfemiwa, the company’s Chief Executive, said the revenue represented a growth of 32 per cent when compared with N46.7 billion achieved in the corresponding period of 2017.

He said the profit after tax of the company increased by 93 per cent to N 7.9 billion compared with N4.11 billion posted in the comparative period of 2017.

Also, total assets rose to N153 billion in contrast with N147 billion posted in the previous period, an increase of four per cent.

Akinfemiwa said the first half of 2018 witnessed a more stable operating environment with higher oil prices, foreign exchange availability and improved petroleum product supply across the country.

He said the company had commenced strategic plans and initiatives to re-examine its business model.

“As a company, we commenced our strategic plans and initiatives to re-examine our business model and optimising our balance sheet through asset disposal and expansion of our downstream operations in Nigeria.

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“In May 2018, we obtained the approval of the board and shareholders at the 39th Annual General Meeting to pursue our divestment of its interest in Power, Upstream Services and Marketing in Ghana (APOG).

“As at 30 June 2018, these subsidiaries were classified as disposal groups held for sale and as discontinued operations,” Akinfemiwa said.

He said in spite of the operational challenges and discontinued operations, the company recorded 32 per cent growth in revenue due to improved product supplies.

The administrative expenses of the company reduced by nine per cent, from N3.82 billion recorded in H1, 2017 to N3.48 billion in H1, 2018, Akinfemiwa said in a statement.