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Ardova assures shareholders of improved returns, grows revenue by 10.7 per cent

By Helen Oji and Eniola Daniel
07 October 2022   |   8:43 am
Ardova Group has assured shareholders of improved returns and that investments in different areas start increasing its profitability.

Ardova Group has assured shareholders of improved returns and that investments in different areas start increasing its profitability.

Reviewing its financials at the 43rd yearly general meeting of the company, its Chief Executive Officer, Olumide Adeosun, said the firm remains focused on its future beyond traditional fuels and taking necessary bold initiatives to deliver good returns to shareholders.

Ardova Group controls AP


According to him, the company recorded gross revenue of N192.47 billion in its 2021 operations, against N181.66 billion achieved in the corresponding period in 2020 while the group revenue also rose to N201.44 billion representing an increase of 10.71 per cent from the 2020 figure.

Adeosun said the company also grew its shareholders’ funds by 6.58 per cent, to N20.91 billion from 19.62 billion achieved in 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 to N126.80 billion.

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.”

He said with the acquisition of Enyo, the firm has widened the network of AP’s retail station outlets and shortened its proximity to the customer.

The company’s Chief Financial Officer/Executive Director, Finance and Business Support, Moshood Olajide, said the increase in the group’s revenue was driven by growth in the fuel business, which constituted 86.7 per cent.

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