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    Saturday, May 4, 2019

    Forte Oil Reports Profit After Tax of N3.3bn in Q1 2019

    Forte Oil Plc., a leading player in the downstream sector (Petroleum products marketing, distribution and retailing) of Nigeria’s Oil and Gas Industry, released its first quarter result for 2019 financial year to the investing public on Thursday, 2nd May 2019.

    The result was an improvement from the corresponding period in 2018, as the group recorded a 50% increase in revenue from ₦28.4 billion in Q1’18 to ₦42.6 billion in Q1’19. This was driven by a 48.9% increase in the Fuels business (white products & ATK) to ₦38.5 billion and a 21.1% rise in its Lubricants & greases business to ₦4.2 billion.

    Despite cost pressures arising from Cost of sales which rose by 52.7% to ₦39.5 billion, the firm in Q1’19 posted a 14.25% rise in Profit After Tax (OS+NI) to ₦3.4 billion due to a ₦2.7 billion profit achieved from discontinued operations and a 498% rise in PAT from continued operations to ₦649.6 million which itself was boosted by a 35% growth in operating profit and a tax credit of ₦194.8 million

    However, EPS declined by 68.1%, from 41 kobo in Q1’18 to 13 kobo in Q1’19. The EPS declared by the Group was based on Total Profit after tax to ordinary shareholders only which declined by 68.12% to 172.1 million in Q1’19.

    The Board of Directors has proposed a special dividend of N1.15 per share from the proceeds of the divestments of the subsidiaries of the company to its shareholders.
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