Forte Oil Plc Initial Impression Forte Oil Plc, an indigenous marketing petroleum Company released its Audited Financial Statement for the Year ended December 31, 2015 on the 28th of January 2016. As expected, revenue declined from N170.12 billion to N124.61 billion (31.13 % decline). Operating profit also declined by 0.56% but was largely supported by a sharp increase in other income (106.39%) as both distribution and administrative expenses surged compared to previous period (FY 2014). Profit after tax grew by 26.24% due to a significant decline in finance charges which declined by 24.00% compared to previous period. Actual Figures (published January 28, 2016) FORTE OIL PLC Turnover Profit Before Tax Profit After Tax Number of Shares Earnings Per Share** Dividend Per Share** Bonus **in kobo value

2012 90,984,215 1,149,805 1,007,507 539,368 93.40

2013

2014

N'000 128,027,744 170,127,978 6,524,550 6,006,298 5,004,397 4,456,617 539,368 546,095 463.91 408.04 4.00 2.50 1 for 5

2015 124,617,238 7,012,442 5,794,055 546,095 411.25 -

Our 2015 Forecast (published November 10, 2015) FORTE OIL PLC Turnover Profit Before Tax Profit After Tax Number of Shares Earnings Per Share** Dividend Per Share** **in kobo value

2012 90,984,215 1,149,805 1,007,507 539,368 93.40

2013 128,027,744 6,524,550 5,004,397 539,368 463.91 4.00

2014 N'000 170,127,978 6,006,298 4,456,617 546,095 408.04 2.50

2015F 124,498,998 6,970,296 5,181,738 655,314 395.36 2.50

2016F 331,669,781 6,659,837 5,314,355 556,398 477.57 4.00

Our short to medium term outlook will be reviewed in our full year report which will be published shortly. Disclaimer This report by GTI Securities Ltd is for information purposes only. While opinions and estimates therein have been carefully prepared, the company and its employees do not guaranty the complete accuracy of the information contained herewith as information was also gathered from various sources believed to be reliable and accurate at the time of this report. We do not take responsibility therefore for any loss arising from the use of the information. For enquires/research queries, please send an email to [email protected]