Forte Oil profit falls by 50 per­cent as costs and taxes rise

Financial Nigeria Magazine - - Finance -

Forte Oil, a lead­ing Nige­rian pe­tro­leum mar­ket­ing com­pany, has re­ported that its af­ter-tax profit fell by 50 per­cent for the full year ended De­cem­ber 31st, 2016.

The com­pany said its profit fell to N2.89 bil­lion com­pared with N5.79 bil­lion re­ported in 2015. The de­cline in profit re­sulted from a 20.5 per­cent rise in cost of sales and a 101 per­cent rise in in­come tax ex­pense. How­ever, Forte Oil re­ported that rev­enue rose by 19 per­cent to N148.61 bil­lion ow­ing to im­proved sales of fu­els, lu­bri­cants and greases, and power gen­er­a­tion.

Forte Oil, for­merly African Pe­tro­leum (AP), op­er­ates over 500 fuel ser­vice sta­tions across Nige­ria. The com­pany also con­trols Am­pe­rion Power Dis­tri­bu­tion Com­pany Lim­ited, the owner of the 414MW Geregu Power Plant lo­cated in Kogi state. Nige­rian bil­lion­aire, Femi Otedola, owns ma­jor­ity share­hold­ing in Forte Oil.

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