{"id":22688,"date":"2018-04-03T10:54:18","date_gmt":"2018-04-03T09:54:18","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=22688"},"modified":"2018-04-03T10:54:18","modified_gmt":"2018-04-03T09:54:18","slug":"forte-oil-posts-pretax-profit-n10-6-bn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/","title":{"rendered":"Forte Oil Posts Pretax Profit Of N10.6 Bn"},"content":{"rendered":"

Forte Oil Plc has posted an impressive growth in its profit before tax to N10.6 billion in the financial year ended December 31, 2017.<\/p>\n

The audited results released on the Nigerian Stock Exchange (NSE) last week showed that profit before tax grew by 99 per cent to N10.627 billion from N5.34 billion in the corresponding period of 2016. Also, profit after tax rose from N2.89 billion in 2016 to N12.23 billion in 2017 due to a tax credit of N1.6 billion, while earnings per share rose to N2.89 from N1.99 in 2016.<\/p>\n

In all, Forte Oil recorded a revenue of N129.44 billion, down 12.9 per cent from N148.61 billion. Cost of sales was reduced by 17.7 per cent from N128.02 billion to N105.33 billion, while distribution expenses was reduced by 40.4 per cent from N3.02 million to N1.8 billion, leading to a growth of 17.2 per cent in gross profit to N24.12 billion, from N20.58 billion in 2015.<\/p>\n

Administrative expenses declined to N10.12 billion, from N10.26 billion, net finance cost went down to N5.73 billion from N6.17 billion. In bid to reduce its finance cost last, Forte Oil Plc in 2016 raised N9 billion bond under its N50 billion bond issuance programme, to refinance existing short term commercial bank loan obligations. The funds were also meant to refinance its retail outlet expansion.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Group chief executive officer, Forte Oil, Mr. Akin Akinfemiwa said \u201cwith the raising of this initial capital which has been fully underwritten shows the confidence the investing public has in Forte Oil Plc as an investment of choice.<\/p>\n

\u201cThis bond programme being the first in the downstream sector, is testament to Forte\u2019s position within the downstream sector and allows the company to actualise the vision of the Board to continue to provide value to its shareholders regardless of the economic climate\u201d he said.<\/p>\n

Meanwhile, in 2017, the company was supposed to raise N20 billion in new equity funds under its new capital raising, after it successfully raised N9 billion in debt issue. Company Secretary, Forte Oil, Akin Olagbende, in a statement released at the NSE, stated that the board had taken a strategic decision to put the offering on hold pending the conclusion of an ongoing corporate restructuring. According to him, the company is currently exploring opportunities to maximise emerging opportunities in the Nigerian energy sector, which will be to the ultimate benefit of all stakeholders.<\/p>\n","protected":false},"excerpt":{"rendered":"

Forte Oil Plc has posted an impressive growth in its profit before tax to N10.6 billion in the financial year ended December 31, 2017. The audited results released on the Nigerian Stock Exchange (NSE) last week showed that profit before tax grew by 99 per cent to N10.627 billion from N5.34 billion in the corresponding …<\/p>\n","protected":false},"author":6,"featured_media":22689,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[673],"coauthors":[2391],"class_list":["post-22688","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-forte-oil"],"yoast_head":"\nForte Oil Posts Pretax Profit Of N10.6 Bn - National Wire<\/title>\n<meta name=\"description\" content=\"Forte Oil Plc has posted an impressive growth in its profit before tax to N10.6 billion in the financial year ended December 31, 2017. The audited results released on the Nigerian Stock Exchange (NSE) last week showed that profit before tax grew by 99 per cent to N10.627 billion from N5.34 billion in the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forte Oil Posts Pretax Profit Of N10.6 Bn - National Wire\" \/>\n<meta property=\"og:description\" content=\"Forte Oil Plc has posted an impressive growth in its profit before tax to N10.6 billion in the financial year ended December 31, 2017. The audited results released on the Nigerian Stock Exchange (NSE) last week showed that profit before tax grew by 99 per cent to N10.627 billion from N5.34 billion in the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-03T09:54:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/04\/forte-oil.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"168\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/04\/forte-oil.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/04\/forte-oil.jpg\",\"width\":300,\"height\":168,\"caption\":\"forte-oil\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/\",\"name\":\"Forte Oil Posts Pretax Profit Of N10.6 Bn - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/#primaryimage\"},\"datePublished\":\"2018-04-03T09:54:18+00:00\",\"dateModified\":\"2018-04-03T09:54:18+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"description\":\"Forte Oil Plc has posted an impressive growth in its profit before tax to N10.6 billion in the financial year ended December 31, 2017. The audited results released on the Nigerian Stock Exchange (NSE) last week showed that profit before tax grew by 99 per cent to N10.627 billion from N5.34 billion in the\",\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Forte Oil Posts Pretax Profit Of N10.6 Bn\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Forte Oil Posts Pretax Profit Of N10.6 Bn - National Wire","description":"Forte Oil Plc has posted an impressive growth in its profit before tax to N10.6 billion in the financial year ended December 31, 2017. The audited results released on the Nigerian Stock Exchange (NSE) last week showed that profit before tax grew by 99 per cent to N10.627 billion from N5.34 billion in the","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/","og_locale":"en_US","og_type":"article","og_title":"Forte Oil Posts Pretax Profit Of N10.6 Bn - National Wire","og_description":"Forte Oil Plc has posted an impressive growth in its profit before tax to N10.6 billion in the financial year ended December 31, 2017. The audited results released on the Nigerian Stock Exchange (NSE) last week showed that profit before tax grew by 99 per cent to N10.627 billion from N5.34 billion in the","og_url":"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/","og_site_name":"National Wire","article_published_time":"2018-04-03T09:54:18+00:00","og_image":[{"width":300,"height":168,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/04\/forte-oil.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/04\/forte-oil.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/04\/forte-oil.jpg","width":300,"height":168,"caption":"forte-oil"},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/","name":"Forte Oil Posts Pretax Profit Of N10.6 Bn - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/#primaryimage"},"datePublished":"2018-04-03T09:54:18+00:00","dateModified":"2018-04-03T09:54:18+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"description":"Forte Oil Plc has posted an impressive growth in its profit before tax to N10.6 billion in the financial year ended December 31, 2017. The audited results released on the Nigerian Stock Exchange (NSE) last week showed that profit before tax grew by 99 per cent to N10.627 billion from N5.34 billion in the","breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/forte-oil-posts-pretax-profit-n10-6-bn\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"Forte Oil Posts Pretax Profit Of N10.6 Bn"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/22688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=22688"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/22688\/revisions"}],"predecessor-version":[{"id":22690,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/22688\/revisions\/22690"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/22689"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=22688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=22688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=22688"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=22688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}