ARDOVA PLC declares 31% Revenue boost, Nets N3.915bn in FY’19


The full year financial report of Ardova Plc for the period ended, 31 December 2019, released on 2nd of March, 2020, revealed that the gross earnings of the firm rose by 31.06% to about N176bn when compared with N134bn recorded same period in 2018.

ARDOVA PLC (formerly called Forte Oil) ended the reporting year of 2019 with a profit after tax of N3.9bn in contrast to the N631mn recorded same period in the preceding year of 2018. This translates to about 520.00% year on year bottom-line growth.

The company’s earnings per share inched by over 500.00% to stand at 301kobo from 48 kobo reported last same period.

Its PE Ratio stands at 5.66x at a reference price of N17.00 with earnings yield of 17.68%.

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