Forte Oil in its half year 2017 financials had revenue decline by 22% to N66bn, cost of sales depreciated by 26% translating to a 1% fall in gross profit to N12.1bn. Operating expense dipped by 22% to N5bn leading to a 2% rise in operating profit to N7.6bn. Pre-tax profit grew by 11% to N4.7bn, while a 69% drop in income tax led to an after-tax profit of N4.1bn.
Balance sheet numbers showed a 4% rise in total assets to N146bn, financial liabilities slipped by 17% to N41bn while total liabilities was up by 2% to N99bn. Net assets grew by 9% by N47bn while working capital turned positive.
| Income Statement | H1 2017 | H1 2016 | % Change |
| Revenue (mn) | 65,648 | 84,423 | -22.2% |
| Cost of Sales (mn) | 53,465 | 72,060 | -26% |
| Gross Profit (mn) | 12,183 | 12,363 | -1% |
| Operating expense (mn) | 5,558 | 7,132 | -22% |
| Operating Profit (mn) | 7,633 | 6,845 | 12% |
| Net Finance Cost (mn) | 2,894 | 2,583 | 12% |
| PBT (mn) | 4,739 | 4,262 | 11% |
| Income Tax Credit/Expense (mn) | 629 | 2,029 | -69% |
| PAT (mn) | 4,110 | 2,233 | 84% |
| Balance Sheet | H1 2017 | FY 2016 | % Change |
| Fixed Assets (mn) | 67,193 | 69,298 | -3% |
| Total Assets (mn) | 146,290 | 140,756 | 4% |
| Cash & Cash Equivalent (mn) | 7,267 | 17,044 | -57% |
| Financial Liabilities (mn) | 40,903 | 49,424 | -17% |
| Total Liabilities (mn) | 99,127 | 97,423 | 1.7% |
| Net Assets (mn) | 47,163 | 43,333 | 9% |
| Working Capital (mn) | 5,008 | (146) | -3530% |
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