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Forte Oil Nigeria reported higher profits for the 2017 fiscal year compared to 2016. Gross revenue declined 12.9% to NGN 129.4 billion while cost of sales fell 17.7%, leading to a 17.1% rise in gross profit to NGN 24.1 billion. Profit before tax more than doubled to NGN 10.6 billion, driven by lower operating expenses and net finance costs. Overall net profit jumped 323% to NGN 12.2 billion for the fiscal year ended 2017. Total assets grew 4.6% while total borrowings declined 34.6%, reducing debt to equity ratio from 114.1% to 58.5%.
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Earnings Highlight - Forte Oil Nigeria Plc Fy 2017
Título original
Earnings Highlight - Forte Oil Nigeria Plc Fy 2017
Forte Oil Nigeria reported higher profits for the 2017 fiscal year compared to 2016. Gross revenue declined 12.9% to NGN 129.4 billion while cost of sales fell 17.7%, leading to a 17.1% rise in gross profit to NGN 24.1 billion. Profit before tax more than doubled to NGN 10.6 billion, driven by lower operating expenses and net finance costs. Overall net profit jumped 323% to NGN 12.2 billion for the fiscal year ended 2017. Total assets grew 4.6% while total borrowings declined 34.6%, reducing debt to equity ratio from 114.1% to 58.5%.
Forte Oil Nigeria reported higher profits for the 2017 fiscal year compared to 2016. Gross revenue declined 12.9% to NGN 129.4 billion while cost of sales fell 17.7%, leading to a 17.1% rise in gross profit to NGN 24.1 billion. Profit before tax more than doubled to NGN 10.6 billion, driven by lower operating expenses and net finance costs. Overall net profit jumped 323% to NGN 12.2 billion for the fiscal year ended 2017. Total assets grew 4.6% while total borrowings declined 34.6%, reducing debt to equity ratio from 114.1% to 58.5%.