Forte Oil Plc – Initial Impression

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 Forte Oil Plc Initial Impression

Forte Oil Plc, an indigenous marketing petroleum Company released its Audited Financial Statement for the Year ended December 31, 2015 on the 28th of January 2016.

As expected, revenue declined from N170.12 billion to N124.61 billion (31.13 % decline). Operating profit also declined by 0.56% but was largely supported by a sharp increase in other income (106.39%) as both distribution and administrative expenses surged compared to previous period (FY 2014). Profit after tax grew by 26.24% due to a significant decline in finance charges which declined by 24.00% compared to previous period.

Actual Figures (published January 28, 2016)

FORTE OIL PLC 2012 2013 2014 2015
N’000
Turnover     90,984,215      128,027,744      170,127,978      124,617,238
Profit Before Tax        1,149,805          6,524,550          6,006,298          7,012,442
Profit After Tax        1,007,507          5,004,397          4,456,617          5,794,055
Number of Shares           539,368              539,368              546,095              546,095
Earnings Per Share** 93.40 463.91 408.04 411.25
Dividend Per Share**                       4.00                     2.50                          –  
Bonus      1 for 5  
**in kobo value

 

Our 2015 Forecast (published November 10, 2015)

FORTE OIL PLC 2012 2013 2014 2015F 2016F
N’000
Turnover     90,984,215      128,027,744      170,127,978      124,498,998          331,669,781
Profit Before Tax        1,149,805          6,524,550          6,006,298          6,970,296               6,659,837
Profit After Tax        1,007,507          5,004,397          4,456,617          5,181,738               5,314,355
Number of Shares           539,368              539,368              546,095              655,314                  556,398
Earnings Per Share** 93.40 463.91 408.04 395.36 477.57
Dividend Per Share**                       4.00                     2.50                     2.50                         4.00
**in kobo value

 

Our short to medium term outlook will be reviewed in our full year report which will be published shortly.

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GTI

GTI is a leading Nigerian Investment Banking group with proven expertise in Financial advisory, Securities Dealing (Fixed Income and Equities), Asset management and Deal Origination. We have strong capacity in financial service delivery.

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