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    Ardova Plc 9M’20 – Expansion drive to yield benefits amid deregulation

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    Naija247newshttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    In its recently released 9M’20 results, Ardova Plc grew its revenue by 4% to ₦128.2 billion (Vetiva estimate: ₦139.7 billion).

    Although net income (₦1.9 billion) for the nine-month period was lower than ₦5.3 billion reported for 9M’19, it indicated a marked improvement from a 9M’19 normalised loss after tax of ₦1.9 billion after adjusting for the normalised effects of one-off items.

    In its recently released 9M’20 results, Ardova Plc grew its revenue by 4% to ₦128.2 billion (Vetiva estimate: ₦139.7 billion).

    Although net income (₦1.9 billion) for the nine-month period was lower than ₦5.3 billion reported for 9M’19, it indicated a marked improvement from a 9M’19 normalised loss after tax of ₦1.9 billion after adjusting for the normalised effects of one-off items.

    Following the implementation of softer lockdown measures in Q3, improved demand for petroleum products saw fuel sales rebound 15% q/q to ₦36.5 billion, although flat y/y as demand remains relatively weaker compared to a year ago.

    Also, gross margin in fuel operations jumped c.3ppts y/y to 7%, largely a reflection of Premium Motor Spirit (PMS) deregulation.

    Similarly, Ardova’s lubricant business posted an impressive growth of 21% q/q, reverting to a pre-pandemic level of ₦4.3 billion (Vetiva estimate: ₦4.1 billion).

    That said, Ardova’s aggregate revenue for Q3 came in flat y/y at ₦40.9 billion.” “In its recently released 9M’20 results, Ardova Plc grew its revenue by 4% to ₦128.2 billion (Vetiva estimate: ₦139.7 billion).

    Although net income (₦1.9 billion) for the nine-month period was lower than ₦5.3 billion reported for 9M’19, it indicated a marked improvement from a 9M’19 normalised loss after tax of ₦1.9 billion after adjusting for the normalised effects of one-off items.

    Following the implementation of softer lockdown measures in Q3, improved demand for petroleum products saw fuel sales rebound 15% q/q to ₦36.5 billion, although flat y/y as demand remains relatively weaker compared to a year ago.

    Also, gross margin in fuel operations jumped c.3ppts y/y to 7%, largely a reflection of Premium Motor Spirit (PMS) deregulation.

    Similarly, Ardova’s lubricant business posted an impressive growth of 21% q/q, reverting to a pre-pandemic level of ₦4.3 billion (Vetiva estimate: ₦4.1 billion). That said, Ardova’s aggregate revenue for Q3 came in flat y/y at ₦40.9 billion

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