Ardova Group’s revenue grew N192.4bn in 2021

Ardova Group has declared 10.71 per cent revenue growth for the fiscal year 2021 at the 43rd Annual General Meeting (AGM) held on Tuesday in Lagos. At the AGM, the company disclosed the growth represented a 5.95 per cent increase from the 2020 revenue of N181.66 billion, whilst the group revenue closed at N201.44 billion which is a 10.71 per cent increase from 2020. The company also grew shareholders’ funds by 6.58 per cent year-onyear (y-o-y) to N20.91 billion in FY’21 (FY2020: 19.62 billion) 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.

Commenting 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 also 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.”

Mr. Moshood Olajide, Chief Financial Officer/ Executive Director, Finance & Business Support, Ardova Plc, 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.”

Ardova Plc’s shareholders approved all proposals made by the Board of Directors at the Annual General Meeting (AGM) including shareholders unanimously accepting the Audited Financial Statements with the Statement of Profit or Loss and other Comprehensive Income for the year ended December 31, 2021, the Report of the Directors, Report of the Auditors and Statutory Audit Committee thereon. 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 Regulations 2021, as it relates to the unissued shares of the company.




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