Forte Oil Plc has announced that its Board of Directors would hold a meeting on December 5, 2019.
This meeting is in accordance with the post-listing requirements of the Nigerian Stock Exchange (NSE) for quoted companies.
The Details: The meeting was disclosed in a notification sent to the Nigerian bourse. The company also announced that it would observe a closed period of trading from Thursday, November 21, 2019.
Forte Oil said that the announcement is in line with rule 17.18: Period of Closure, Rulebook of The Exchange, 2015 (Issuers’ Rules) which states that:
“No Director, person discharging managerial responsibility, employee with sensitive information, adviser, and consultant of the Bank and their connected persons may directly or indirectly deal in the shares of the company until 24 hours after the meeting.”
What is a closed period? A closed period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.
A look into the company’s financials: Forte Oil’s interim financial statements for the period ended September 30, 2019, shows that it recorded a massive growth in its profit after tax.
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 represented a 30.3% increase.
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, representing 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 which represents a whopping 1408% increase in profit after tax.