Forte declares N2.7bn, 216m shares dividends

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The Board of Forte Oil Plc said it has declared and recommended distribution of about N2.7 billion in cash dividends and 216 million ordinary shares of 50 kobo as bonus shares for the 2014 business year.
Shareholders will receive a dividend per share of N2.50 and bonus shares of one share for every five ordinary shares currently held.
Key extracts of the audited report and accounts of the company for the year ended December 31, 2014, showed impressive growth in the top-line but burgeoning finance cost undermined the bottom-line. Turnover rose by 32.88% while gross profit and operating profit increased by 50.6% and 29.8 % respectively. However, finance cost jumped by 938.13%, which depressed pre and post-tax profits by 7.94% and 10.95% respectively.
Turnover rose from N128.03 billion in 2013 to N170.13 billion in 2014. Gross profit also increased from N12.26 billion to N18.46 billion. Operating profit grew to N8.14 billion in 2014 as against N6.27 billion in 2013. However, as against net finance income of N254.49 million in 2013, finance cost jumped to N2.13 billion in 2014.
With these, profit before tax dropped from N6.52 billion in 2013 to N6.01 billion in 2014. After taxes, net profit also slipped from N5 billion to N4.46 billion. Earnings per share declined to N2.20 in 2014 compared with N4.32 in 2013. Total assets meanwhile rose by 33.02 per cent from N104.6 billion to N139.24 billion.

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