The Chief Executive Officer, Ardova Plc, Mr. Olumide Adeosun, has said the company is moving from being an oil firm to becoming an integrated energy company in its efforts to broaden its value proposition to the market.
Adeosun stated this while presenting the company's 'Facts behind the figures,' at the Nigerian Stock Exchange (NSE) last week.
He said: "In line with our 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. In the second half of 2020, our focus will be on: operational efficiency, building superior customer experience, innovation, and partnerships."
Presenting the financial highlights, Executive Director, Finance and Risk Management, Ardova Plc, Mr. Moshood Olajide stated: "Gross margin grew significantly in the second quarter to 7.3 per cent in second quarter (Q2):2020 from 5.4 per cent in first quarter (Q1):2020 and from 6.3 per cent in the corresponding period in 2019. This sterling performance in gross margins reflects our resolve to maximise our core earnings and minimise cost. Shareholders' funds also grew by 5.8 per cent year-to-date (YTD) to N17.5 billion in half year (H1):2020 (N18.6 billion full year (FY):2018) as a result of an 11.5 per cent growth in retained earnings.
"Our gearing ratio also improved to 37.8 per cent in H1:2020 compared to 88.6 per cent 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."
Speaking at the virtual event, the Divisional Head, Listings Business, NSE, Mr. 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. The exchange also recognises efforts made by the board and management of Ardova Plc towards achieving business continuity by improving its operations.
"We are pleased that the successful rebranding and efforts towards repositioning the organisation continue to boost investor confidence in the company. At the exchange, we will continue to position ourselves as the African Exchange of choice for issuers and investors by strengthening the corporate governance of our listed companies through forums such as this."