By Tenebe Anthonia
Ardova Plc has joined the league of companies that have leveraged The Nigerian Stock Exchange’s (NSE or The Exchange) Facts Behind the Figured (FBF) platform to engage with capital market stakeholders. The virtual FBF which held on Thursday, 15 October 2020 saw the Management of Ardova Plc to present its financial performance, strategic and operational developments, and future plans to the capital market community.
Speaking at the virtual event, the Divisional Head, Listings Business, Mr. Olumide Bolumole, stated, “Given that the market is driven by timely, relevant and accurate information, we commend the Board and Management of Ardova Plc for interacting with the market through this forum. The Exchange also recognises efforts made by the Board and Management of Ardova Plc towards achieving business continuity by improving its operations. We are pleased that the successful rebranding and efforts towards repositioning the organisation continue to boost investor confidence in the company. At The Exchange, we will continue to position ourselves as the African Exchange of choice for issuers and investors by strengthening the corporate governance of our listed companies through forums such as this.”
On his part, the Chief Executive Officer, Ardova Plc, Mr. Olumide Adeosun expressed that Ardova Plc is moving from being an oil company to becoming an integrated energy company in its efforts to broaden its value proposition to the market. He further stated, “In line with our vision of being the most reputable African energy solution brand, committed to driving the continent’s growth, we will leverage innovative technology and commit strongly to delivering superior customer experience. In the second half of 2020, our focus will be on: operational efficiency, building superior customer experience, innovation, and partnerships.”
Presenting the financial highlights, Executive Director, Finance and Risk Management, Ardova Plc, Mr. Moshood Olajide stated, “Gross margin grew significantly in the second quarter to 7.3% in Q2:2020 from 5.4% in Q1:2020 and from 6.3% in the corresponding period in 2019. This sterling performance in gross margins reflects our resolve to maximise our core earnings and minimize cost. Shareholders’ funds also grew by 5.8% YTD to N17.5 billion in H1:2020 (N18.6 billion FY:2018) as a result of an 11.5% growth in retained earnings. Our gearing ratio also improved to 37.8% in H1:2020 compared to 88.6% while our earnings generating capacity remained sufficient to cover existing debt/borrowing with normalised interest cover printing at 4.3x in H1:2020 relative to 0.7x in H1:2019.”
Following the presentations and an engagement session with participants, Mr. Adeosun was honoured with a digital Closing Gong ceremony.