Forte Oil has released its interim financial statements for the period ended September 30, 2019. The report demonstrates growth in its profit after tax for the nine months of 2019 compared to the first three quarters of last year. The breakdown of the report is shown below:
Revenue: Forte Oil generated N123.54 billion in revenue as at the end of the nine-month period of 2019 compared to N94.81 billion in revenue as at September 2018. This represents an increase of 30.3%.
Gross Profit: Gross Profit for the oil firm stood at N8.13 billion in the nine months period of 2019 compared to N8.45 billion as at the first three quarters of last year. This represents a 3.78% decline.
Profit Before Tax: As at the end of the third quarter of September 2019, Forte Oil recorded N6.53 billion as profit before tax, up from N645.88 million recorded as at the end of the third quarter of September 2018. This represents an increase of 912%.
Profit After Tax: The oil firm recorded a profit of N5.25 billion for the nine-month period of 2019, compared to N348.73 million recorded at the end of the nine months period for 2018. This represents a 1408% increase in profit after tax.
Earnings Per Share: Similarly, Forte Oil recorded N4.03 in earnings per share as at the end of the third quarter of 2019 compared to N0.27 as at the end of the third quarter of 2018.
Download the full report here.