By Goddy Egene
Shareholders of Ardova Plc (formerly Forte Oil Plc) are to receive a dividend of N249 million for the year ended December 31, 2020, translating to 19 kobo per share.
Directors of the integrated energy company recommended the dividend last week upon the release of the firm’s audited results. AP Plc recorded a revenue of N181.7 billion in 2020, up 2.9 per cent from N176.6 billion in 2019. Despite the high cost of doing business, operating expenses was reduced from N10.7 billion to N9.2 billion leading to an increase in gross profit to N12.131 billion, compared with N11.282 billion in 2019.
Net finance cost jumped from N270.2 million to N1.1 billion, while profit before tax (PBT) printed at N3.2 billion as against N4.7 billion in 2019, while profit after tax (PAT) stood at N2.1 billion compared with N3.9 billion in 2019.
Nigeria
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Shell
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