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Tuesday, September 27, 2022

Ardova loses almost N.5 billion due to a decrease in fuel and solar system sales.

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Weak sales in fuel and solar systems have caused a decline in revenue for Ardova Plc.

According to the unaudited financial statements, posted on the Nigerian Exchange on Friday, Ardova Plc had revenues of N86.77 billion in the six-month period ending June 30th, 2021, which is a decrease of 0.62 percent or 543.2 million compared to the corresponding period in the previous year.

The reason for this decrease in fuel sales is because N79.49 billion worth of fuel was sold last year, whereas N74.7 billion worth of fuel is sold in the current year.

This, additionally, means that the sales of the solar system decreased by 22.3% to N5.7 million from N7.34 billion during the same time period last year.

Lubricants and greases increased from N7.80 million to N11.22 million, and this boosted other sources of revenue.

LPG and cylinder sales rose to N11.35 million from the previous year’s N3.45 million, which represented a jump of 50 percent.

In addition to receiving N813.8 million from the Logistics and Transportation services, the integrated energy company also received N813.8 million from Haulage and transportation services.

Additionally, from the financials, we learned that Ardova’s cost of sales dropped to N79.4 billion in the same time period last year, compared to N81.9 billion last year.

This increase to gross income was 37.7% higher than that reported in the prior year, resulting in net earnings that were N7.36 billion rather than N5.32 billion.

In contrast to last year, the document showed the company’s profit after tax amount to N1.78 billion. About 75.9% year-on-year bottom-line growth is translated to in this statement.

Basic earnings per share increased 74.3% to stand at $1.36 per share from $0.78 per share during the previous period.

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