Ardova Explains N192.47b Revenue, N20.91b Shareholders’ Funds For 2021

By Moses Ebosele,   —

For the 2021 financial year, Ardova Plc attained a gross revenue of N192.47 billion, representing a 5.95  per cent increase from the 2020 revenue of N181.66 billion, whilst the group revenue closed at N201.44 billion which is a 10.71% increase from 2020.  

 Briefing shareholders at its 43rd Annual General Meeting (AGM), held in Lagos,  the company explained that shareholders’ funds grew by 6.58 per cent year-on-year, to N20.91 billion in the financial year 2021 (FY2020: 19.62 billion) as a result of an 11.85 per cent growth in retained earnings.  

 The group also expanded its total asset base by 95.7 per cent year-on-year to N126.80 billion.   

Commenting on the 2021 performance and AP’s strategy going forward, Chief Executive Officer, Ardova Plc, Olumide Adeosun said: “Ardova continues a journey of growth and economic impact.  

 “Our shareholders are a major part of our vision to drive business expansion and transformation.  

 “We have ventured into partnerships in areas of our diversified investments resulting in capital projects that will deliver efficiency for the group.  

“Our revenue growth is an attestation to the efforts and positive decisions made despite bearing economic challenges and we hope to continue to outperform market expectations with solid profit margins”. 

Expaining further, Adeosun said: “Ardova remains focused on a future beyond traditional fuels and taking necessary bold initiatives. By expanding our footprint across the nation through the acquisition of Enyo, we have widened the network of AP’s retail station outlets and shortened  our proximity to the end customer, making it easier to deliver at widescale retail the cleaner energy products that will materialise from our present capital investments.” 

Chief Financial Officer/Executive Director, Finance & Business Support, Ardova Plc, Mr. Moshood Olajide, noted, that the increase in the group’s revenue was primarily driven by growth in the fuels business which constituted 86.7 per cent.  

 “Lube sales recorded 52 per cent growth resulting in 12.8 per cent of revenue, the transport and logistics business constituting 0.3 per cent, and LPG & Cylinder sales with 0.2% of the group revenue.  

Mr. Adeosun stated that Ardova remains committed to delivering shareholder value saying “The capital investments we have carried out in 2021 are primed to make us a fully transformed integrated energy company,   where the value we create for customers by being increasingly integrated into their lives, sustainably impacts our balance sheet”.