Forte Oil Revenue Plunges by 27%

Indigenous oil company, Forte Oil Plc has announced a decline of N45.511 billion in its 2015 full year audited financial report.

According to the audited result sent to the Nigerian Stock Exchange on Friday, February 12, the revenue of Forte Oil dropped from N170.128bn it made in 2014 to N124.617bn in 2015, representing 26.75 per cent decrease.

However, its profit before tax soared by N1.006bn, which translated to 16.75 per cent from N6.006bn to end the year 2015 at N7.012bn.

Forte Oil’s profit after tax rose by N1.337bn from N4.457bn to N5.794bn at the end of the year.

Its earnings per share soared by N1.91 kobo or 86.82 per cent from N2.20 it earned in 2014 to N4.11 kobo in 2015.

The board of directors of Forte Oil proposed a dividend of N3.45 kobo per share of the company’s common stock which will be paid to all shareholders upon ratification.