Ardova Group declares 10.71% revenue growth for year 2021 at AGM

September 27, 2022

Chief Executive Officer of Ardova Plc, Olumide Adeosun

Ardova Plc held its 43rd Annual General Meeting (AGM) at the Southern Sun Hotel, Ikoyi on 27 September 2022.

At the 43rd Annual General Meeting (AGM) of Ardova Group Plc, the company disclosed a gross revenue of N192.47 billion in the 2021 financial year, 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 per cent increase from 2020.

In adherence to the guidelines from the Corporate Affairs Commission (CAC), the AGM was held on Tuesday, 27 September 2022, by proxies and was broadcast in real-time for all stakeholders via an online live stream.

The company also grew shareholders’ funds by 6.58 per cent y-o-y, to N20.91 billion in FY 2021 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 y-o-y to N126.80 billion.

Commenting on the 2021 performance and AP’s strategy going forward, Chief Executive Officer, Ardova Plc, Olumide Adeosun, said Ardova continued 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,” he said.

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”.

Mr Adeosun also added that Ardova remained 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.”

Mr Moshood Olajide, Chief Financial Officer/Executive Director, Finance & Business Support, Ardova Plc, 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 per cent of the group revenue.

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