Access Bank Plc: Increase in Gains on Financial Instrument Boosts Revenues.
Access Bank Plc reported revenues of N396.8 billion in H1 2020 compared to N324.4 billion of the same period in 2019.
Key highlights – 2020 H1
- Revenues increased to N396.8 billion +22.3% YoY
- Revenues from interest income decreased to N211.9 billion -6.3% YoY
- Revenues from fee and commission income increased to N51.8 billion +23.9% YoY
- Revenues from net gains on financial instrument increased to N134.8 billion +3152.4% YoY.
- Pre-tax profits increased to N74.3 billion +1.8% YoY
Bottom Line: Access Bank Plc got a major boost from increase in its trading revenue generating unit. Companies have generally recorded decreased revenues in the last two quarters mostly due to COVID-19; but Access Bank Plc managed to grow its revenue and pre-tax profits.
Ardova Plc: Increase in Fuel Sales Boost Revenues
Ardova Plc reported revenues of N87.3 billion in H1 2020 compared to N82.8 billion same period in 2019.
Key highlights – 2020 H1
- Revenues increased to N87.3 billion +5.4% YoY
- Revenues from fuel increased to N79.5 billion +6.9% YoY
- Revenues from lubricants and greases decreased to N7.8 billion -7.6% YoY
- Revenues from solar system decreased to N7 million -73.2% YoY.
- Revenues from liquified petroleum gas and cylinder was N3 million.
- Pre-tax profits decreased significantly in the period to N1.1 billion -81.5% YoY.
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