The lubricants and greases segment of Nigerian blender and distributor Ardova Plc posted an increase in net profit and a more than 60% jump in sales revenue for the quarter ending Sept. 30, compared to the same period in 2020, according to the company’s financial statements.
The segment’s net profit rose 17% to 466.5 million Nigerian naira for the third quarter, compared with ₦397.5 million in the same period last year.
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Segment sales revenue for the third quarter reached ₦7.2 billion, a 66% jump from ₦4.3 billion.
In its earnings news release Ardova said that it was looking forward to a significant increase in its non-fuel revenue following the completion of renovations at its strategically located investment properties. The company has a network of more than 450 retail outlets in Nigeria. “We have completed the second fully off-grid retail station, as we aim to develop more independent stations that are self-sustained,” the company stated. “Our activities to increase our share of wallet in the lubricants and low-carbon energy segment are well underway following further conclusions with counterparties.”
Ardova manufactures and distributes automotive and industrial lubricants from its blending plant in Apapa, Lagos.
In November 2020, Ardova announced it would function as the main distributor of Shell-branded automotive and industrial lubes in Nigeria. Ardova was formerly known since 2010 as Forte Oil Plc. In 2019, Ignite Investments and Commodities Ltd. acquired a 74.02% equity stake in Forte Oil Plc’s downstream operations. Later that year, Forte changed its name to Ardova Plc.