Integrated energy company, Ardova Plc (AP) has posted a profit of N1.54 billion for the financial year ended Dec. 31, 2021.
Ardova Plc (AP) made this known in its audited financial statements and first quarter (Q1) 2022 unaudited financial results which were released on Thursday in Lagos.
The statement said, however, losses from subsidiaries Axles and Cartage, and newly acquired Enyo Retail and Supply Ltd. created a group net loss position of N3.8 billion
It said in Q1 2022, AP’s performance showed significant improvements as yields from investments made in 2021 contributed to growth in revenue, sales volume, and profits.
Olumide Adeosun, Ardova’s Chief Executive Officer, said 2021 proved to be an eventful year for the company.
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