Ardova’s Q2 profit rises 123% despite revenue drop

Ardova Plc, formerly Forte Oil Plc, has posted a profit before tax of N2.61 billion for the second quarter of 2021, up 123.08 percent from N1.17 billion in the same period last year.

The integrated energy company said its profit after tax rose to N1.78 billion in Q2 2021 from N1.01 billion in Q2 2020.

Its revenue, however, declined to N86.77 billion from N87.31 billion, according to its unaudited financial statements obtained by Markets Reporters.