Ardova Plc Reports N3.92bn Profit for 2019

• Ardova Plc Reports N3.92bn Profit for 2019

Ardova Plc formerly known as Forte Oil Plc reported N3.915 billion profit after tax for the financial year ended December 31, 2019.

The indigenous oil company sold last year by billionaire Femi Otedola grew revenue from N134.706 billion recorded in the corresponding period of 2018 to N176.550 billion in 2019.

In the financial results released through the Nigerian Stock Exchange (NSE), the total cost of sales climbed from N123.376 billion in 2018 to N165.269 billion in 2019 while the company’s gross profit grew from N11.330 billion in the same period of 2018 to N11.281 billion in 2019.

Operating profit surged from N2.949 billion to N4.924 billion in the year under review. Profit before income tax rose by 452 percent from N1.028 billion in 2018 to N4.654 billion in 2019. Suggesting that the new management has managed to turn things around.

This also shows in the profit after tax number reported for the year under review as it grew by 620 percent from N631.471 million achieved a year ago to N3.915 billion.

Ardova total assets expanded from N61.198 billion in 2018 to N47.018 billion in 2019 as the company downsize and cut off some unprofitable assets.

Total liabilities reduced from N47.449 billion in 2018 to N30.855 billion in 2019 while total equity recorded an impressive jump from N13.744 billion to N16.163 billion.

The company’s earnings per share improved from 0.48kobo to N3.00.