Ardova swings to half-year loss despite 46% revenue growth

Ardova Plc, formerly Forte Oil Plc, has reported a loss before tax of N1.15 billion for the first half of 2022, compared with a profit before tax of N2.61 billion in the same period a year earlier.

The integrated energy company said its revenue grew to N126.65 billion from N86.77 billion in H1 2021.

But the revenue growth did not keep pace with the increase in its cost of sales and other expenses.

Its cost of sales rose 49.89 percent year-on-year to N119.01 billion; distribution expenses jumped 147.24 percent to N3.14 billion; administrative expenses surged 46.67 percent to N5.06 billion, and the finance cost soared 345.81 percent to N2.18 billion.