Ardova Plc formerly Forte Oil has declared a profit before tax of N4.654 billion for the financial year ended December 31, 2019.

The Company in its audited full-year results released on the Nigerian Stock Exchange (NSE) posted a profit before tax of N4.654 billion from N1.028 billion in full-year 2018, representing a growth of 352.51 percent.

Profit after tax also rose by 520.02 percent to N3.915 billion as against N631.46 million declared in 2018, while earnings per share up by 525 percent to N3.00 from 48 kobo.

Revenue grew by 31.06 percent to N17655 billion from N134.71 billion, the cost of sales up by 33.96 percent from N123.376 billion to N165.269 billion, while gross profit stood at N11.282 billion lowers than N11.33 billion achieved in 2018.

Profit from operating activities up by 66.98 percent from N2.949 billion to N4.924 billion in the year under review, while net finance costs stood N270.29 million, declined by 85.93 percent from N1.92 billion in 2018.

The company’s total assets declined by 23.17 percent to N47.019 billion from N61.198 billion in 2018, while total shareholders’ equity up by 17.56 percent to N16.16 billion from N13.749 billion.

In February 2020 Forte Oil announced that it has changed its name to Ardova Plc. This was made public through a disclosure on the Nigerian Stock Exchange (NSE) signed by the company’ secretary, Oladehinde Nelson-cole.

“This is to notify the general public and all stakeholders that Forte Oil Plc pursuant to a special resolution passed at the Extraordinary General Meeting held on December 17, 2019, and the approval of the Corporate Affairs Commission has changed its name to Ardova Plc.

“Pursuant to Section 31 (5) of the Companies and Allied Matters Act, the Company has been issued a new Certificate of Incorporation by the Registrar” it read.

The Company was formerly called African Petroleum before it embarked on a rebranding and restructuring programme which led to a name change to Forte Oil Plc in December 2010.

In 2018, former chairman of Forte Oil, Femi Otedola announced the sale of his 75 percent direct and indirect shareholdings in the oil company.

After the sale was completed, Olumide Adeosun was appointed the new chief executive officer, who announced the company would undergo a name change to reflect the new ownership and structure

Adeosun had assured shareholders and other stakeholders of better value. According to him, the company would focus on increasing volumes, diversifying business operations, widening distribution networks and extracting potential synergies to boost revenue.

He added that the company would also invest massively in the downstream sector to achieve desired growth.

He said that despite the regulated price of petrol product in the country, Forte Oil would still break even in other petroleum products in the downstream sub-sector

And in order to implement its growth strategies, the company has already received the approval of its shareholders to allow it enter into discussions with Prudent Energy & Services Limited and or any company or individual(s) representing it in connection with the acquisition of identified downstream assets including but not limited to plant and machinery, trucks, stations and subject to independent valuations on fair value, enter into subsequent binding agreements on comparable arm’s length/commercial terms in relation to the assets to be acquired.