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  • Oil & Gas - News
  • Updated: September 27, 2022

Ardova Group's Success In 2021 Thrills Company Boss

Nigerian integrated energy company, Ardova Group Chief Executive Officer, Olumide Adeosun has announced that the capital investment made by the company has had a sustained influence on its financial sheet.

Adeosun made the announcement at the 43rd Annual General Meeting (AGM) that took place on Tuesday in Lagos.

Ardova Plc. completed the acquisition of Enyo Retail and Supply Limited (ERSL) in November 2021 as a part of efforts to strengthen its market share in the downstream oil and gas sector.

"Ardova continues a journey of expansion and economic effect. Our aim to promote corporate growth and development heavily relies on our shareholders.

“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.

“We have made it easier to deliver at wide scale retail the cleaner energy products that will materialise from our present capital investments,” Adeosun said.

 According to Adeosun, Ardova is still dedicated to creating value for its shareholders.

Ardova Plc reported gross revenue of N192.47 billion for the 2021 fiscal year, up 5.95 per cent from the N181.66 billion in revenue for the previous year.

Additionally, the Ardova Group reported sales of N201.44 billion for 2021, an increase of 10.71% from 2020.

Due to an increase in retained earnings of 11.85%, its shareholders' funds increased by 6.58 per cent annually to N20.91 billion in the fiscal year 2021 from N19.62 billion in the previous year.

The group's entire asset base increased by 95.7% year over year to N126.80 billion.

Adeosun also praised the business' performance in 2021 and its future plans.

"Ardova continues a journey of growth and economic effect," Adeosun stated.

"Our aim to promote corporate growth and development places a significant emphasis on our shareholders.

The expansion in the group's revenue, which accounted for 86.7% of the total, was principally driven by the fuels business, according to Moshood Olajide, Chief Financial Officer/Executive Director, Finance & Business Support, Ardova Plc.

He claimed that the transport and logistics sector contributed 0.3% to the group's revenue, while sales of liquefied petroleum gas cylinders made up 0.2%. Lube sales saw a 52 percent increase, generating 12.8% of the total.

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Lawrence Agbo
Lawrence Agbo

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