Company News
Ardova Plc Reports 83% Decline in Profit in Q1 2022
Ardoval Plc, an indigenous energy company headquartered in Nigeria, reported an 83.4% decline in profit after tax in the first quarter (Q1) of 2022 despite recording an improved revenue.
Ardoval Plc, an indigenous energy company headquartered in Nigeria, reported an 83.4% decline in profit after tax in the first quarter (Q1) of 2022 despite recording an improved revenue.
Revenue rose by 49.89% from N41.987 billion recorded in Q1 2021 to N62.935 in Q1 2022, the firm disclosed in its interim consolidated financial statements released on Thursday.
The cost of sales jumped by 48.83% to N57.511 billion from N38.640 billion reported in the corresponding period of 2021.
Ardoval’s gross profit improved to N5.424 billion in the period under review, representing a 62 increase from N3.346 billion achieved in Q1 2021.
Profit before income tax dropped by a whopping 83.36% to N193.196 million from N1.161 billion reported in the corresponding period of 2021.
Total assets inched slightly higher to N127.286 billion from N126.879 billion in Q1 2021. Similarly, retain earnings advanced marginally to N6.783 billion, up from N6.590 billion in Q1 2022.