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Shareholders approve N201bn Ardova revenue for 2021

Shareholders of Ardova Plc, an indigenous energy group, have approved the N201.44 billion revenue growth of the firm during its 43rd Annual General Meeting (AGM)…

Shareholders of Ardova Plc, an indigenous energy group, have approved the N201.44 billion revenue growth of the firm during its 43rd Annual General Meeting (AGM) held in Lagos on Tuesday.

The growth represents 10.21 per cent from the N181.66 billion mark earlier reported in 2020.

The company also disclosed a gross revenue of N192.47 billion in the year under review, representing a 5.95 per cent increase from the 2020 revenue of N181.66 billion.

Its shareholders’ funds grew by 6.58% y-o-y, to N20.91 billion in 2021 as against the 19.62 billion in 2020 as a result of an 11.85 per cent growth posted in retained earnings. The group also expanded its total asset base by 95.7 per cent y-o-y to N126.80 billion. 

Speaking on its financial performance, the Chief Executive Officer, Ardova Plc, Mr 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”.

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%, and LPG & Cylinder sales with 0.2% of the group revenue”, he said.

Trading figures on the Nigerian Exchange Limited indicated that Ardova’s share price remained unchanged from Monday to Tuesday as it closed trading for the day at N12.80 per share.