Ardova Loss Gets Bigger

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Ardova Loss Gets Bigger

Nigerian blender and distributor Ardova PLC reported an enlarged operating loss and higher sales revenue for its lubricants and greases segment for the quarter ending Dec. 31, according to the company’s financial statements.

The segment posted a ₦329.8 million (U.S. $793,000) operating loss for the fourth quarter, declining from a ₦282.1 million operating loss in the same period in 2020. For the full year, the segment’s operating profit increased 20% to ₦1.3 billion, improving from ₦1.1 billion in 2020.

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Segment sales revenue for the fourth quarter was ₦7.6 billion, a 55% increase from ₦4.9 billion in the same quarter in 2020. For the full year, the segment’s sales revenue jumped 53% to ₦26 billion, compared to ₦17 billion.

Ardova manufactures and distributes automotive and industrial lubricants from its blending plant in Apapa, Lagos. The company serves as the main distributor for Shell lubricants branded products for the automotive and industrial sectors in Nigeria.

In mid-November 2021, Ardova the company completed the acquisition of 100 per cent of the issued share capital of Enyo Retail and Supply Ltd, obtaining control of Enyoo Retail and Supply Ltd. The latter’s activities include the marketing of petroleum products and the sale of liquefied petroleum gas and lubricants. 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.