How Forte Oil improves PAT by 81.4% in 9 months

Forte Oil Plc has reported a 81.4 per cent increase in its profit after tax (PAT) for the period ended 30th September, 2017.

The energy group’s 9-month financial statements released via the Nigerian Stock Exchange (NSE) at the weekend, showed PAT grew from N2.8 billion reported in the same period of the previous year, from a profit after tax of to N5.1bn.

A breakdown of the group’s results shows that revenue slowed by 20 per cent as a result of a 41 per cent decline in sales of fuels.

Forte Oil operates with a strategic four segment business unit, which comprises fuels, upstream services, lubricants and greases, power generation

Of these four segments Fuels was the only segment to record decline in sales. Lubricants and greases jumped to N9.1bn from N8.2bn and power generation increased significantly to N25.4bn from N7.9bn.

Profit before tax however declined to N511.6 million compared to N2.84bn made in the corresponding period of the prior year while the group’s balance sheet showed total assets increased 5.3 percent to N148.2bn.

Adesola Afolabi