Forte Oil Plc – Initial Impression
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.
