Ardova Plc submits FY 2022, Q1 2022 results

ARDOVA Plc has announced the release of its 2021 Audited Financial Statements and Q1 2022 Unaudited Financial Results.

According to the financial results received from the Nigerian Exchange Limited (NGX), the company posted a profit of N1.54 billion in the year ended December 31, 2021. However, losses from subsidiaries Axles and Cartage, and newly acquired Enyo Retail and Supply Limited created a group net loss position of N3.8 billion.

In Q1 2022, AP’s performance shows significant improvements as yields from investments made in 2021 contribute to growth in revenue, sales volume, and profits.

Ardova’s Chief Executive Officer, Olumide Adeosun, said; “2021 proved to be an eventful year for Ardova Plc, as it marked the completion of our stabilization strategy, with the consequently strengthened balance sheet providing the leverage for the inorganic expansion required to evolve Ardova into an integrated energy company.

Highlighting parts of the expansion phase that became material in 2021, Mr Adeosun stated, “In the course of the year, we concluded a landmark capital raise of N25.3 billion in an oversubscribed bond that was the largest by any downstream company in Nigeria and an indication of investor confidence in Ardova’s future. We also concluded the acquisition of Enyo Retail and Supply Limited (ERSL) in a deal that makes our retail network the largest in Nigeria.

The company also made further investments in cleaner energy infrastructure, as it commenced onsite work on its 20,000 metric tonnes Liquefied Petroleum Gas (LPG) storage facility in Ijora.

Ardova won a license to operate an Oil Marginal Field following a successful bid in the 2020 round, thereby increasing the company’s potential for foreign currency revenue generation.

Moshood Olajide, Ardova’s Chief Financial Officer noted that “The company continued to deliver on profits, as we ended Q1 with a profit-after-tax position of N1.6 billion, which is a growth of 37 per cent compared to the same period in 2021. We also continued to increase our capital expenditure, principally in investments that facilitate our strategic expansion, and we expect to see returns within a three-year window.