Ardova reports 71% growth in profit to N850m

By Kayode Tokede

Ardova Plc has released its unaudited interim consolidated financial statements for the period ended  March 31, 2021 with 19.98per cent drop in revenue to N41.49 billion from N52.052 billion in Q1 2020.

However, profit after tax rose by 70.92 per cent to N850.211 million from N497.444 million in Q1 2020.

Ardova Plc, the parent of the Group, was incorporated on 11 December 1964 as British Petroleum. It was renamed African Petroleum through the nationalisation policy of the Federal Government in 1979.

In December 2010, the Company went through a restructuring and rebranding exercise and further changed its name to Forte Oil Plc.

In June 2019, the Company experienced a change in ownership structure. The majority shareholder in Forte Oil Plc sold all its shares in the Company to Ignite Investments and Commodities Limited. Following this, the Company’s name was changed to Ardova Plc in January, 2020.