Ardova to act as Main Distributor for Shell Lubricants Branded Products

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

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.

Ardova to act as Main Distributor for Shell Branded Lubricants Products

- Advertisement -

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).

- Advertisement -
Ardova to act as Main Distributor for Shell Lubricants Branded Products - Brand SpurArdova to act as Main Distributor for Shell Lubricants Branded Products - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  Forte Oil Plc to Ardova Plc name change approved

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ardova to act as Main Distributor for Shell Lubricants Branded Products - Brand SpurArdova to act as Main Distributor for Shell Lubricants Branded Products - Brand Spur

Latest News

Qatar Airways Touches Down for the First Time in Abuja, Nigeria

The airline will operate three weekly flights from Abuja via Lagos Passengers from Abuja can enjoy more flexible travel options...

Why the South African Rand is 2nd-best performing EM currency

Since the onset of the COVID-19 pandemic, foreign exchange markets experienced a whirlwind of volatility as movement restrictions and a weakened global trade weighed...

Weststar Increases Product Portfolio with Mercedes-Benz Axor

Weststar Associates Limited, Authorized General Distributor of Mercedes-Benz in Nigeria, has announced Mercedes-Benz Axor as its new offering for commercial vehicle fleet owners in...

Ellah Lakes announces a joint venture with Ondo State for the development of Oil Palm and Cassava Plantation

Lagos, November 27, 2020: Ellah Lakes Plc (Ellah Lakes) is happy to announce that it has executed an agreement with Ondo State Government for...

GOtv Nigeria: For the Love of Local Entertainment

In two days, a new cooking and lifestyle show will debut on GOtv, the digital terrestrial television platform from MultiChoice Nigeria. Titled 'Jollof With...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Ardova to act as Main Distributor for Shell Lubricants Branded Products - Brand SpurArdova to act as Main Distributor for Shell Lubricants Branded Products - Brand Spur