From left, Oladeinde Nelson-Cole, Secretary and General Counsel; Abdulwasiu Sowami, Chairman; Olumide Adeosun, Chief Executive Officer and Moshood Olajide, Chief Financial Officer, all of Ardova Plc during the company’s Annual General Meeting (AGM) in Lagos, recently.
The Chief Executive Officer (CEO) of Ardova PLC (AP), Olumide Adeosun, has said that the business model of the new board of directors of the company has yielded positive returns as evidenced in the financial result of the company for the year 2019.
At the company’ Annual General Meeting held virtually in Lagos, Adeosun in his comments on the 2019 financial performance, stated that “following the entry of the new management in 2019, our vision was to create an energy firm that will become the brand of choice for consumers. Our strategy to deliver on this goal is to be laser-focused in increasing operational efficiency and leveraging our core assets to maximise growth.”
He said it was on this premise, the board divested from non-core subsidiaries, a strategic move that quickly resulted in a cleaner balance sheet and a healthy platform from which our resulting growth stems.
“It is against this backdrop that we delivered a 31 per cent year-on-year growth in revenue and a 520 per cent year-on-year growth in profitability.”
Adeosun also noted that “Our 2019 financial results mark the start of our repositioning plan. We will continue to be deliberate about building an energy company designed for the future, and our performance over the latter half of 2019 shows that moving forward on this course will set us on the right path to our long-term goals. We remain committed to delivering improved profitability and value for shareholders in 2020, as this remains a core component of our transformation.”
In a statement addressing the shareholders, AbdulWasiu Sowami, Chairman, AP said; “On behalf of the Board, I am pleased to inform our shareholders that the change in strategy introduced by our new management has begun to yield returns. Despite what was a challenging economic environment, the evolution of our business model to one focused on improving operational efficiencies, leveraging existing core assets and positioning the company to be at the forefront of renewable energy distribution in Nigeria has led to significant improvement in our top and bottom line. We will continue to focus on delivering value to our shareholders as we continue to drive the growth and profitability of our business”.
Key highlights for 2019 Financial Year indicate an increase in shareholders’ funds by 15.6 per cent year-on-year to N17.5 billion in FY 2019 (FY2018: N15.1 billion) as a result of a 38 per cent growth in retained earnings. The company also improved its operational efficiency and increased its volumes and margins for all its products, resulting in total volume growth of 37.4 per cent y-o-y from 804.7 million in FY 2018 to 1.1 billion in FY 2019.
In compliance with social distancing measures designed to curb the spread of COVID-19, in-person shareholder attendance at the AGM was by proxy whilst the meeting was simultaneously streamed live online for the benefit of all the AP’s shareholders not physically present.
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