Ardova reports 71% increase in quarterly profit

Ardova Plc, formerly Forte Oil Plc, has posted a profit after tax of N850.21 million for the first quarter of 2021, up 70.91 percent from N497.45 million in the same period last year.

The integrated energy company said its profit before tax rose to N1.21 billion in Q1 2021 from N580.30 million in Q1 2020.

Its revenue, however, declined to N41.65 billion from N52.05 billion, according to its unaudited financial statements obtained by Markets Reporters.