Forte Oil has come out with a 21.8 percent increase in first quarter 2016 profits to N954.2 m, from N783.1 m in the earlier period.
The power producer and fuel marketer also increased its revenues by 7.8 percent to N35.6 billion in Q1, 2016 from N33.6 billion in 2015.
Forte’s operating profit margins rose to 6.85% in the period from 4.54% in 2015.
The boost in revenues and margins, reduced administrative expenses and growth in other income, helped Forte oil avoid the negative impact of higher cost of sales, distribution expenses and net finance costs in the period.
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