Ardova, formerly Forte Oil, posts 85% profit drop

Ardova Plc, formerly Forte Oil Plc, has reported an 85 percent decline in its profit after tax for the three months ended March 31, 2020.

The oil marketing company said its after-tax profit dipped to N497.44m in the quarter from N3.32bn in the same period a year ago. 

Its profit before tax plunged to N580.30m from N3.13bn as revenue fell to N52.05bn from N42.56bn, according to the unaudited interim financial statements obtained by Markets Reporters from the Nigerian Stock Exchange. 

The company’s earnings per share tumbled to N0.38 from N2.55. 

Its total assets grew to N56.49bn as of March 31, 2020 from N47.02bn in December 2019, while total liabilities rose to N39.83bn from N30.86bn.

In June 2019, Ignite Investments and Commodities Limited became the majority shareholder in Forte Oil after the former majority shareholder, Mr Femi Otedola, disposed of his shares in the company.

The company’s name was changed to Ardova in January 2020. 

During the period ended March 31, 2019, the company disposed of AP Oil and Gas Ghana, Forte Upstream Service Limited and Amperion Power Distribution Company Limited, according to the financial statements.