Ardova Plc has announced that it recorded N181.7 billion as regards its revenue while adding that it will improve on its operational efficiency in the next financial year.
According to the company’s audited results for the twelve months ended 31 December, 2020, Ardova’s revenue rose by 2.9 per cent year-on-year to N181.7 billion as against N176.6 billion recorded in the corresponding year of 2019.
However, the company’s profit before tax (PBT) suffered a hit, declining to N3.2 billion from N4.7 billion in 2019 while profit after tax (PAT) fell by N2.1 billion from N3.9 billion recorded in 2019.
The company’s earnings per share (EPS) stood at N1.58 from N3 in 2019 while the board proposed a dividend of 0.19 kobo to the shareholders.
Commenting on the results, Chief Executive Officer, Ardova Plc, Olumide Adeosun, said, that the year 2020 presented the most challenging market conditions globally with the energy sector being one of the worst hit by the pandemic.
According to him, the foresight that the company had in the early activation of its business continuity plan proved essential as it transitioned to remote work with a near zero impediment to workflows.
“The resilience of our firm shone through as we forged ahead to achieve milestones we set in our strategic roadmap; we successfully commenced the roll out of our newly branded solar- service stations, we delivered on significant growth in market share on PMS sales volume, and a strategic partnership with Shell as the sole distributor of its lubricants in Nigeria.
Hitting these milestones powered the company to deliver a 46.7 per cent growth in normalised profit to N2.0 billion, while operational efficiency ratios and margins improved to 5.1 and 6.7 per cent. Our working capital position also remained healthy as debt coverage printed at 35.1 per cent.
Most recently, we signed a non-binding offer for the potential acquisition of Enyo Retail and Supply Limited. Once concluded, Ardova will emerge as one of the largest indigenous players in the downstream sector. We commissioned the construction of a 20,000MT LPG storage facility in Ijora, which will be the largest in the west coast region”, he said.