Ardova Plc (formerly Forte Oil PLC) will act as the main distributor for Shell Lubricants branded products for the automotive and industrial sectors in Nigeria, following a Memorandum of Understanding with Shell Trading International Limited.
This was disclosed in pursuant to the post-listing requirements of The Nigerian Stock Exchange (The Exchange) for quoted companies.
This is in order to deepen the Company’s participation in other segments of the lubricant
the market in Nigeria, including transport and industrials.
A look at Ardova’s financials
Ardova’s lubricant business posted an impressive growth of 21% q/q, reverting to a pre-pandemic level of ₦4.3 billion. That said, Ardova’s aggregate revenue for Q3 came in flat y/y at ₦40.9 billion.
In its recently released 9M’20 results, the company grew its revenue by 4% to ₦128.2 billion. Although net income (₦1.9 billion) for the nine-month period was lower than ₦5.3 billion reported for 9M’19, it indicated a marked improvement from a 9M’19 normalised loss after tax of ₦1.9 billion after adjusting for the normalised effects of one-off items.
Ardova Plc is Nigeria’s leading integrated energy company in Nigeria involved in the marketing of petroleum products. The Company operates a network of 450 retail outlets spread across the Country with major petroleum storage installations at both Apapa (Lagos State) and Onne (Rivers State).