ARDOVA looks to have shrugged off drags induced by the pandemic last year. In its Q2:2021 financial scorecard, the company recorded a 27.00% (NGN44.78bn) growth in sales. This beat its pre-COVID 5-year average (2016 – 2020) for the quarter (NGN38.03bn) by 17.59%, reflecting better performance this year and not just growth due to a low base effect. This could be attributed to the uptick in products prices as well as higher sales volume in the quarter. However, this performance was not enough to deliver a year-on-year growth in H1:2021 as lower sales volume in the first quarter masked gains recorded in Q2:2021 to bring overall revenue down by 0.62%YoY to NGN86.77bn.
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Earnings_Update_ARDOVA_H1_2021
