By Nkiruka Nnorom

Ardova Plc (AP) has reported a 108.1 percent growth in Profit Before Tax (PBT) to N1.2 billion for the first quarter (Q1) ended March 31, 2021, from N0.58 billion in the corresponding period in 2020.

Details of the company’s Q1’21 financial statement released on the Nigerian Exchange Limited showed that the earning per share rose to 65 kobo, a 71.1 perent increase compared to 38 kobo recorded in Q1 2020.

The company’s revenue, however, declined to N41.6 billion from N52.1 billion in the corresponding period in 2020, representing 20.2 percent decline.

READ ALSOOver 2,000 A-Ibom women protest murder of Iniubong Umoren

Commenting on the results, Olumide Adeosun, Chief Executive Officer, Ardova Plc, said:  “We had a good start in the first quarter of 2021 despite the PMS supply challenges that impacted product volumes and topline revenue across the downstream sector. 

AP delivered significant improvement in margins and continued its steady track towards core asset optimization and improved operational efficiency. Our resolve to build a resilient and agile enterprise was evident in the sterling growth of 108 percent in profit before tax achieved by the firm.

“We delivered this performance through the efficient distribution of our white products across our value chain and a stronger focus on growing revenue from our non-fuel businesses. Consequently, margins came in higher at 7.7 percent from 5.4 percent in the corresponding period, while operating expense declined by 24.3 percent amidst a high inflationary pressured environment.

“Our operational efficiency ratio further improved to 4.7 percent from 5.0 percent reported in Q1 2020. Working capital position remained healthy with a debt coverage of 21.1 percent at the company and 37.6 percent at the Group. 

The improved capital position further reflects the strength of our balance sheet as we drive our growth aspirations with investments made in clean energy solutions.

“Looking ahead, we remain dedicated to sustaining this positive start through the year as we continue to work at delighting our customers and building shareholders’ confidence in our company.”