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BUSINESS NEWS: Ardova attributes growth to investment decisions

BUSINESS NEWS: Ardova attributes growth to investment decisions

Publish date: 2022-07-11 23:10:41 | Author: Nike Popoola | Source:

Ardova Plc has said that investments made in 2021 contributed to the growth in revenue, sales volume, and profits.

It disclosed this in a statement on its ‘2021 audited financial statements and Q1, 2022 unaudited financial results’.

The statement said, “The company posted a profit of N1.54bn in the year ended 31 December, 2021. However, losses from subsidiaries Axles and Cartage, and newly acquired Enyo Retail and Supply Limited created a group net loss position of N3.8bn.

“In Q1 2022, AP’s performance shows significant improvements as yields from investments made in 2021 contribute to growth in revenue, sales volume, and profits.”

The Chief Executive Officer, Ardova, Olumide Adeosun, said, “The 2021 proved to be an eventful year for Ardova Plc, as it marked the completion of our stabilisation strategy, with the consequent strengthened balance sheet providing the leverage for the inorganic expansion required to evolve Ardova into an integrated energy company.”

Highlighting parts of the expansion phase that became material in 2021, Adeosun stated that, “In the course of the year, we concluded a landmark capital raise of N25.3bn in an over-subscribed bond that was the largest by any downstream company in Nigeria, and an indication of investor confidence in Ardova’s future.

“We also concluded the acquisition of Enyo Retail and Supply Limited in a deal that makes our retail network the largest in Nigeria.”

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