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Forte oil records N5.3bn in profit for Q3 2019; revenue from fuels up by 30.9%

Forte oil records N5.3bn in profit for Q3 2019; revenue from fuels up by 30.9%

Oil downstream sector operator, Forte Oil has reported an impressive Q3 2019 earnings with profit after tax up by a whopping 1,408%.

Forte Oil, whose financial statement for the 9 months period ended September 30, 2019, was released on Wednesday, recorded a revenue increase by 30.30% to N123.5 billion from N94.8 billion in 2018.

READ ALSO: Dangote Cement posts N679.8bn in revenue in Q3 2019; records 2.5% drop in profit

Sales of Fuels – petrol, kerosene, diesel, aviation fuel – contributed N110.7 billion to the total revenue. This represents an increase in fuels sales by 30.88% from N84.6 billion in 2018.

Also, revenue from sales of lubricants and greases stood at N12.8 billion, marking a growth of 26.75% from 2018’s N10.1 billion.

Revenue from solar system, however, declined by 74.22% to N32.1 million from N124.6 million in 2018.

Forte Oil’s profit before tax grew rapidly by 912% to N6.5 billion from 2018’s N645.9 million. Profit after tax in the same vein grew exponentially by 1,408% to N5.3 billion from N348.7 million in the same period of 2018.

Distribution and administrative costs grew by 2.26% and 11.77% to N1.69 billion and N6 billion from 2018’s N1.65 billion and N5.4 billion respectively.

Earnings per share increased to N4.03 from N0.27 in 2018.

Forte Oil is currently trading at N15.10 on the floor of the Nigerian Stock Exchange (NSE).

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