Forte Oil Plc. has benefiting strongly from a more stable operating environment with higher oil prices, foreign exchange availability and improved petroleum product supply in the first half of 2018 as it announced a profit after tax of N7.9 billion for the period ended June 30, 2018.
The profit, which is an aggregate from continuing and discontinued operations increased 93 percent from N4.11 billion recorded in H1 2017.
The oil company saw its revenue increased of 32 percent to N61.8 billion from N46.7billion recorded in H1, 2017, while administrative expenses reduced by 9 percent from N3.82 billion recorded in H1, 2017 to N3.48 billion in H1, 2018.
Earnings per share thus grew by 47 percent to N1.54 compared to N1.05 recorded for the same period last year.
According to the company, the commencement of strategic plans and initiatives to re-examine its business model and optimize balance sheet through asset disposal and expansion of downstream operations in Nigeria contributed to total assets 4 percent growth to N153 billion compared to N147 billion recorded in the same period of the previous year.
Forte Oil noted it has begun the process to divest its interest in power, upstream services and marketing in Ghana (APOG) following shareholder approval in May.
However, Forte oil said, “Looking ahead, we shall focus on the continuing operations- the Nigerian downstream business as we continue to drive growth through our expansion drive, backward integration, cost optimisation and the injection of capital through the asset sale to shore up working capital and reduce finance cost.”