ARDOVA’s topline expanded to NGN52.05bn in Q1:2020 (+22.31% YoY). The growth was off the back of a 24.61% increase in fuel sales in the quarter to NGN47.80bn (vs. NGN38.36bn in Q1:2019). The stronger petroleum products sales performance was driven by higher volumes and stronger market penetration in the period, with PMS sales rising by 34.0% since last year.
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