Ardova Plc reported revenues of N128.18 billion in 2020 9M, compared to N123.55 billion in the corresponding period of 2019.
Key highlights for 2020 9M
- Revenues increased to N128.18 billion, +3.75% YoY
- Revenues from fuel increased to N116.04 billion, +4.82% YoY
- Revenues from lubricants and greases decreased to N12.12 billion, -5.37% YoY
- Revenues from solar system decreased to N8.25 million, -74.32% YoY.
- Revenues from liquified petroleum gas and cylinder was N5.21 million, +100% YoY.
- Other income decreased to N672.67 million, -82.13%
- Pre-tax profits decreased significantly to N2.42 billion, -62.97% YoY.
- Earnings Per Share decreased to 1.45 kobo, -64.02% YoY.
Ardova Plc got a major boost from an increase in its fuel revenue-generating unit.
Companies have generally recorded decreased revenues in the last three quarters mostly due to COVID-19, but Ardova Plc managed to grow its revenues despite a decrease in its pre-tax profits due to a slight rise in cost of sales and a significant reduction in other income.