Ardova Plc has recorded 108 per cent increase in its profit before tax in its unaudited results for the three months ended 31 March 2021.
According to the result submitted to the Nigerian Exchange (NGX), the company made a profit before tax of N1.2 billion, which represented 108.1 per cent Year-on-Year (YoY) increase when compared to N0.58 billion posted in March 2020.
Also, Ardova Plc made profit after tax of N0.85 billion, representing 70.9 per cent increase from N0.49 billion made in the preceding year.
However, revenue of the company declined to N41.6 billion when compared to N52.1 billion posted in March 2020.
Commenting on the results, Olumide Adeosun, the Chief Executive Officer of Ardova Plc said the the company had a good start in the first quarter of 2021 despite the PMS supply challenges that impacted product volumes and topline revenue across the downstream sector.
“AP delivered significant improvement in margins and continued its steady track towards core asset optimization and improved operational efficiency. Our resolve to build a resilient and agile enterprise was evident in the sterling growth of 108 per cent in profit before tax achieved by the firm.
“We delivered this performance through the efficient distribution of our white products across our value chain and a stronger focus on growing revenue from our non-fuel businesses.
He added that consequently, margins came in higher at 7.7 per cent from 5.4 per cent in the corresponding period, while operating expense declined by 24.3 per cent amidst a high inflationary pressured environment.
“Our operational efficiency ratio further improved to 4.7 per cent from 5.0 per cent reported in Q1 2020. Working capital position remained healthy with a debt coverage of 21.1 per cent at the Company and 37.6 per cent at the Group,” he said.
Adeosun added that the improved capital position further reflected the strength of Ardova’s balance sheet as the management drove growth aspirations with investments made in clean energy solutions
Looking ahead, Adeosun noted that the company remained dedicated to sustaining this positive start through the year as the management continued to work at delighting its customers and building shareholders’ confidence in the company.”
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