Ardova Plc, a Nigerian leading indigenous and integrated energy company, has released its consolidated and separate financial statements for the year ended December 31, 2020. In the review year, revenue of the Group stood at N181.938billion while that of the company was N181.664billion, up from N176.550billion in 2019.
The Group’s gross profit was N12.130billion in 2020 while that of the company was N12.106billion, up from N11.281billion in 2019. The group’s profit before income tax (PBT) printed lower at N2.905billion in 2020 and while that of the company stood at N3.199billion, lower than N4.654billion reported in 2019.
The results at the Nigerian Stock Exchange (NSE) show Ardova reported Group profit after tax (PAT) of N1.857billion in 2020, and company PAT of N2.063billion compared to N3.915billion in 2019. Basic earnings per share for the company stood at N1.58 in 2020, while that of the company was N1.42.
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The Board of Directors, pursuant to the powers vested in it by the provisions of the Companies and Allied Matters Act, proposed a final dividend of 19kobo per share from the retained earnings account as at 31 December, 2020. This will be presented for ratification to the shareholders at the next Annual General Meeting.
Retained earnings for the Group in the review year 2020 was N10.687billion, while that of the company was N10.893billion compared to N8.829billion in 2019 financial year.
Ardova Plc distributes petroleum products with a strong presence in the thirty-six (36) States of Nigeria and the Federal Capital Territory, Abuja. The Company procures and markets petroleum products which include Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Dual Purpose Kerosene (DPK), Fuel Oils, Liquefied Petroleum Gas (LPG) and Aviation Turbine Kerosene (ATK) amongst others.
The Company manufactures and distributes a wide range of lubricants foremost amongst them are the SUPER V and VISCO 2000 brands and has also obtained rights for the distribution of Shell Trading International Limited’s lubricants.
Also, the Company develops clean energy hubs and mini-grids and also provides renewable energy solutions through its Solar brand which distributes low-cost solar power solutions to domestic customers.
On 11 March 2020, Ardova Plc incorporated a wholly owned subsidiary, Axles and Cartage Limited. The new subsidiary is involved in haulage and transportation.
As Ardova Plc, the Company remains committed to the practice of strong corporate governance and compliance at all levels, culture of strong ethics and discipline and an enhanced safety, health and sustainability policies. Ignite Investments and Commodities Limited holds 970,666,694 units of Ardova Plc shares, representing 74.06percent stake.
