The Chief Executive of Ardova Plc (former Forte Oil Plc), Olumide Adeosun, on Thursday said the company is transforming from being an oil company to an integrated energy company.
This, he said, is in an effort to broaden its value proposition to the market, and in line with a “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.”
virtual Facts Behind the Figured (FBF) platform at the Nigerian Stock Exchange (NSE), he assured that in the second half of 2020, Ardova Plc’s board and management will focus on “operational efficiency, building superior customer experience, innovation, and partnerships.”
The company’s management presented its financial performance, strategic and operational developments, and future plans to the capital market community, with the Executive Director, Finance and Risk Management, Moshood Olajide noting that “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, he continued, reflected the resolve to maximise its core earnings and minimize cost, even as shareholders’ funds “grew by 5.8% YTD to N17.5bn in H1:2020 (N18.6bn 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.”
Also speaking, Divisional Head, Listings Business of the NSE, Olumide Bolumole, said “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.”
He said the exchange recognises efforts made by the company’s board and management of Ardova Plc towards achieving business continuity by improving its operations, expressing satisfaction that the rebranding efforts towards repositioning the organisation continue to boost investor confidence in the company has been successful.
The Exchange, he assured, will continue to position “as the African Exchange of choice for issuers and investors by strengthening the corporate governance of our listed companies through forums such as this.”