Ardova posts 47.45% drop in annual profit

Ardova Plc, formerly Forte Oil Plc, has reported a 47.45 percent drop in its profit after tax for the 2020 financial year, compared to the previous year.

The integrated energy company posted an after-tax profit of N2.06 billion last year, down from N3.92 billion in 2019.

Its profit before income tax fell to N3.19 billion in 2020 from N4.65 billion a year ago.

Ardova, however, saw its revenue rise to N181.66 billion from N176.55 billion.

“The Board of Directors proposed a final dividend of N0.19 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,” it said.

In June 2019, Ignite Investments and Commodities Limited became the majority shareholder in the company after the former majority shareholder, Mr Femi Otedola, disposed of his shares in the company. This led to the change of name from Forte Oil Plc to Ardova Plc in February 2020.