Home Business Forte Oil reports 2018 first half revenue of N61.8bn
Business - August 8, 2018

Forte Oil reports 2018 first half revenue of N61.8bn

Forte Oil recorded a whooping N61.8 billion for the half year ended June 30, 2018.

According to Akin Akinfemiwa, the company’s Chief Executive, in a statement, the revenue represented a growth of 32 per cent when compared with N46.7 billion achieved in the corresponding period of 2017.

The profit after tax of the company increased by 93 per cent to N 7.9 billion compared with 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 per cent.

“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,” Akinfenwa said.

 

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