Ardova Declares N201.44bn Group Revenue In 2021

Ardova Plc (AP) has declared a Group revenue of N201.44 billion for the financial year ended December 31, 2021.

This was stated at the company’s 43rd Annual General Meeting (AGM) held in Lagos, yesterday. The company disclosed that the group revenue closed at N201.44 billion which is a 10.71 per cent increase from 2020, while gross revenue of the company stood at N192.47 billion in the 2021 financial year, representing a 5.95 per cent increase from the 2020 revenue of N181.66 billion.

The company also grew shareholders’ funds by 6.58 per cent year-on-year to N20.91 billion in full year 2021 from N19.62 billion in full year 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.

Speaking on the 2021 performance and AP’s strategy going forward, chief executive officer, Ardova Plc, Olumide 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.”

Adeosun added 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 widescale retail the cleaner energy products that will materialise from our present capital investments.”

The chief financial officer/executive director, Finance & Business Support, Ardova, Mr. Moshood Olajide, 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.

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.”