Ardova Plc: Increase in fuel sales boost revenues

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.

Bottom Line

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.