By Sebastine Obasi

Shareholders of Ardova Plc have been assured of a fully transformed integrated energy company going forward.

Mr. Olumide Adeosun, Chief Executive Officer of the company gave the assurance at the company’s annual general meeting held in Lagos.

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”.

Speaking on the 2021performance of the company, 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”.

Mr. Adeosun also explained that “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 wide scale retail the cleaner energy products that will materialise from our present capital investments.”

Ardova Group declared 10.71 per cent revenue growth for the fiscal year 2021, while the group revenue closed at N201.44 billion, a 10.71 per cent increase from 2020. Also, the company showed a gross revenue of N192.47 billion, representing a 5.95 per cent increase from the 2020 revenue ofN181.66 billion.

The company grew shareholders’ funds by 6.58 per cent, year-on-year, y-o-y, to N20.91 billion in 2021 (N19.62 billion in 2020) 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.

Also speaking, Moshood Olajide, Chief Financial Officer/Executive Director, Finance  and Business Support of the company 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  and Cylinder sales with 0.2 per cent of the group revenue.

Ardova Plc’s shareholders approved all proposals made by the Board of Directors at the Annual General Meeting (AGM). They include:

•    Ratification of Annual Report and Financial Statements

Shareholders unanimously accepted the Audited Financial Statements with the Statement of Profit or Loss and other Comprehensive Income for the year ended 31 December 2021, the Report of the Directors, Report of the Auditors and Statutory Audit Committee thereon.

•    Un-issued shares

The directors were authorised to take all steps necessary to comply with the requirements of Section 124 of the Companies and Allied Matters Act 2020 and the Companies Regulations2021, as it relates to the unissued shares of the Company.