In its recently released FY-2020 audited financials, ARDOVA Plc (“ARDOVA” or “the Company”) reported a 3.1% y/y growth in revenue, printing at N181.9bn, from N176.5bn in FY-2019. Revenue growth was driven by increased sales of petroleum products, which grew by 3.4% y/y in FY-2020. Cost of sales grew at a slower pace, up 2.6% y/y to N169.7bn in FY-2020. As a result, gross profit recorded a decent 12.1% y/y growth to print at N12.1bn in FY-2020. However, Operating income dropped by 16.0% y/y to N4.1bn, largely driven by the 2019 high base due to gain on disposed assets recorded. As such, Profit before tax and Profit after tax declined by 37.6% and 52.6%, to N2.9bn and N1.8bn, respectively, in the period under review. Earnings per Share (EPS) fell 52% to N1.4 per share in FY-2020. The firm proposed a dividend of N0.19 per share. We review our forecasts for the company and present our outlook below.