The revenue of Ardova Plc, formerly Forte Oil Plc, rose to N181.66bn last year from N176.55bn in 2019. Its profit after tax fell to N2.06bn from N3.92bn.
Eterna Plc saw its revenue plunge to N58.72bn from N229.27bn. The company, however, reported a profit after tax of N941.04m last year, compared with a loss after tax of N144.29m in 2019. According to the credit rating agency’s estimates, the total consumption of white fuels in the country in 2019 stood at 28.1 billion litres, translating to a total revenue of N4.7tn.
Hmmmmm
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Are you putting this out there as a justification and precursor to fuel price hike?