Forte Oil releases results for the half year ended june 2018

Forte Oil Plc recently released its H1 2018 financial statements for the year ended 30 June 2018.

Here are the key highlights of the reports

Revenue

The company reported revenue of ₦61.83 billion for the period ended June 2018 compared to ₦46.70 billion reported for the period ended June 2017. This represents 32% increase.

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Profit Before Tax

Profit before tax was ₦390.82 million for the period ended June 2018, a 42% decrease compared to profit of ₦677.43 million reported for the period ended June 2017.

Profit After Tax

The company’s profit after tax for the half year ended 30th June 2018 was ₦95.55 million, a 71% decrease compared to profit of ₦333.74 million recorded in H1 2017.

Earnings Per Share

Forte Oil Plc, however, reported earnings per share of 154 kobo for the period ended June 2018 as against earnings of 105 kobo reported for the comparative period in 2017.