The Chief Executive Officer, Ardova Plc, Olumide Adeosun, said the company’s shareholders are a major part of its vision to drive business expansion and transformation of the indigenous energy group.
Adeosun who was speaking on 2021 performance and AP’s strategy going forward at the company’s 43rd Annual General Meeting (AGM) in Lagos, 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”.
“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 widescale retail the cleaner energy products that will materialise from our present capital investments.”
The AGM was held in adherence to the guidelines from the Corporate Affairs Commission (CAC), the AGM was held by proxies that could exercise shareholder voting rights. Also, the proceedings of the AGM was broadcast in real-time for all stakeholders via an online livestream.
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 86.7per cent.
“Lube sales recorded 52 percent growth resulting in 12.8 percent of revenue, the transport and logistics business constituting 0.3 percent, and LPG & Cylinder sales with 0.2per cent of the group revenue.
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”.
At the AGM, the company disclosed a gross revenue of N192.47 billion in the 2021 financial year, representing a 5.95 % increase from the 2020 revenue of N181.66 billion, whilst the group revenue closed at N201.44 billion which is a 10.71per cent increase from 2020.
The company also grew shareholders’ funds by 6.58per cent y-o-y, to N20.91 billion n in FY 2021 (FY2020: 19.62 billion) as a result of an 11.85 percent growth in retained earnings. The group also expanded its total asset base by 95.7 percent y-o-y to N126.80 billion.