Forte Oil Plc has recorded N2.963 billion in profit after tax for the first quarter ended March 31, 2018. The company is the first to fill in its first quarter result for 2018 on the Nigerian Stock Exchange (NSE).
The company's profit after tax went up by 57.27 per cent from N1.884 billion in the first quarter of 2017. Its revenue under the period review grew by 20.63 per cent to N39.81 billion from N33.003 billion in 2017, cost of sales gained by 21.36 per cent to N33.01 billion from N27.2 billion in the corresponding period of 2017, while gross profit rose to N6.8 billion as against N5.8 billion in 2017.
Operating profit went up to N4.38 billion from N3.63 billion, finance income depreciated from N563.59 billion to N533.68 billion, while finance cost also declined to N1.75 billion when compared to N2.14 billion recorded in 2017. Total assets stood at N156.74 billion from N147.24 billion, while total liabilities went up to N98.53 billion from N91.96 billion in 2017.
The oil company in 2017 put a planned N20 billion share sale on hold, after it received regulatory approval for the offer, due to restructuring. The company notified the NSE, investing public and its stakeholders that the Securities and Exchange Commission (SEC) had approved its proposed offering by way of book building
Forte Oil said that the board of the company had taken a strategic decision to put the offering on hold pending the conclusion of an ongoing corporate restructuring with respect to maximising the emerging opportunities in the Nigerian energy sector.
The group executive director, Finance and Risk Management, Mr. Julius Omodayo-Owotuga, had, while addressing financial journalists in Lagos, said that the proceeds realised from the fund raising exercise would be used for business expansion.