Forte Oil sees N61.8bn revenue in H1 2018

Forte Oil has announced a N61.8 billion revenue for the first half year ended June 30.

Akin Akinfemiwa, the company’s chief executive, according to agency news reports, said the revenue represented a growth of 32 percent when compared with N46.7 billion achieved in the corresponding period of 2017.

Profit after tax of the company increased by 93 percent to N7.9 billion compared to N4.11 billion posted in the comparative period of 2017.

Also, total assets rose to N153 billion in contrast with N147 billion posted in the previous period, an increase of four percent.

Akinfemiwa said the first half of 2018 witnessed a more stable operating environment with higher oil prices, foreign exchange availability and improved petroleum product supply across the country, adding that the company had commenced strategic plans and initiatives to re-examine its business model.

“As a company, we commenced our strategic plans and initiatives to re-examine our business model and optimising our balance sheet through asset disposal and expansion of our downstream operations in Nigeria.

“In May 2018, we obtained the approval of the board and shareholders at the 39th annual general meeting to pursue our divestment of our interest in power, upstream services and marketing in Ghana (APOG),” he said, adding that as at 30 June 2018, “these subsidiaries were classified as disposal groups held for sale and as discontinued operations.”

He said in spite of the operational challenges and divestment, the company recorded 32 percent growth in revenue due to improved product supplies.

The administrative expenses of the company reduced by nine percent, from N3.82 billion recorded in H1, 2017 to N3.48 billion in H1, 2018.