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ARDOVA PLC Q2'20: Cost Efficiency Results In OperatingPprofit In Q2’20
ARDOVA PLC  Q2'20: Cost Efficiency Results In Operating Profit In Q2’20

Ardova Plc (ARDOVA : TP - N14.42) has reported a 75.8% YoY decline in profit after tax to N514.9 million in its Q2’20  unaudited results.
Key highlights:
  • Revenue declined by 12.3% YoY to N35.3 billion in the quarter due to sales weaknesses across fuels (-11.8% YoY), lubricants (-16.5% YoY) and solar system (-87.1% YoY) segments. These contractions reflected the COVID-19 induced fall in demand that was triggered by restrictions to movements across land and airways
  • However, ARDOVA achieved significant improvements in cost efficiency across its key product lines. For the fuels segment, gross margin improved by 70bps YoY to 4.7% following a resumption of direct importation. Similarly, lubricant margin came in higher at 30.2% in the quarter (vs 25.9% in Q2’19), reflecting lower global crude oil price
  • Selling and administrative expenses contracted by 43.2% YoY. This decline reflected a 60.1% plunge personnel expense to N438.6 million that was stoked by the high base created by the payment of c.N568.3 million in Gratuity and redundancy costs last year. Salaries, wages, and allowances also declined by 25.1% YoY in Q2’20. Overall cost efficiency translated to an operating profit of N787.4 million in the review quarter (vs operating loss of N246.5 million in the corresponding period of 2019)
  • Despite the improvements in operating performance, EPS plunged by 75.8% YoY to N0.39/share due to the significant interest on FX Subsidy receivables (N3.9 billion) recorded in Q2’19
  • In line with the resilient operating performance, cash flow from operations advanced by 59.9% YoY to N2.1 billion at the end of H1'20 (vs N1.8 billion in the corresponding period of 2019)
  • Management will be hosting a results conference call on Monday, 03 August 2020. Please click here to register for the call

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