Forte Oil Reports Profit After Tax of N3.3bn in Q1 2019

• Forte Oil Reports Profit After Tax of N3.3bn in Q1 2019

Forte Oil Plc, one of Nigeria’s leading oil and gas companies, has reported a profit after tax of N3.3 billion for the first quarter of 2019.

In the financial statement released through the Nigerian Stock Exchange rose by 13.79 percent from N2.9 billion reported in the same quarter of 2018 to N13.3 billion.

While the revenue generated grew by 50 percent from N28 billion in Q1 2018 to N42 billion in Q1 2019.

Also, gross profit jumped from N2 billion in Q1 2018 to N3 billion in the first quarter of 2019. Representing an increase of 50 percent.

Earnings Per Share declined from N0.41 in 2018 to N0.13 in 2019.

The company is currently trading at N34.95 a unit share on the floor of the Nigerian Stock Exchange (NSE).