Forte Oil’s PAT up 1,408% for Q3 2019

Oil downstream sector operator, Forte Oil has reported profit after tax growth of 1,408 per cent for Q3 2019

Forte Oil, whose financial statement for the 9 months period ended September 30, 2019, was released on Wednesday, recorded a revenue increase of 30.30 per cent to N123.5 billion from N94.8 billion in 2018.

Sales of Fuels – petrol, kerosene, diesel, aviation fuel – contributed N110.7 billion to the total revenue. This represents an increase in fuels sales by 30.88 per cent from N84.6 billion in 2018.

Also, revenue from sales of lubricants and greases stood at N12.8 billion, marking a growth of 26.75 per cent from 2018’s N10.1 billion.

Revenue from solar system, however, declined by 74.22 per cent to N32.1 million from N124.6 million in 2018.

Forte Oil’s profit before tax grew rapidly by 912 per cent to N6.5 billion from 2018’s N645.9 million. Profit after tax in the same vein grew exponentially by 1,408 per cent to N5.3 billion from N348.7 million in the same period of 2018.

Distribution and administrative costs grew by 2.26 per cent and 11.77 per cent to N1.69 billion and N6 billion from 2018’s N1.65 billion and N5.4 billion respectively.

Its earnings per share increased to N4.03 from N0.27 in 2018.

Forte Oil is currently trading at N15.10 on the floor of the Nigerian Stock Exchange (NSE).