Adebayo Obajemu
Ardova Plc (formerly Forte Oil) in its recently published first quarter earnings for the period ended 31 March 2020 reported a profit after tax of N497.4 million.
In the unaudited financial statement, the oil firm declared a turnover of N52.05 billion, up by 22.31% from N42.56 billion turnover reported in the first quarter of 2019.
Profit after tax dropped by 85.04% to N497.44 million from N3.32 billion reported in Q1 2019.
Earnings per share for the period under review stands at 38 kobo, down by 85.04% from the (EPS) of N2.55 in the first quarter of 2019.
With reference to the share price of N16.00, the P.E ratio of Ardova Plc is calculated as 41.89x with earnings yield of 2.39%