Ardova Plc, one of the leading Nigerian integrated energy companies, has declared a 10.71 percent revenue growth for the 2021 fiscal year at its 43rd annual General meeting (AGM).

The company also disclosed a gross revenue of N192.47 billion in the 2021 financial year, at the AGM, which was held Tuesday, September 27, 2022, in Lagos.

According to the company, the gross revenue represents a 5.95 percent increase from the N181.66 billion realised the previous year.

Meanwhile, the group revenue closed at N201.44 billion which is a 10.71 percent increase from 2020.

Commenting on the 2021 performance and AP’s strategy going forward, Olumide Adeosun, Chief Executive Officer, Ardova Plc, said the company continues a journey of growth and economic impact.

He said: “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.

Also, the CEO 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,” he said. “Making it easier to deliver at widescale retail the cleaner energy products that will materialise from our present capital investments.”

On the other hand, the company also grew shareholders’ funds by 6.58 percent year-on-year (y-o-y), to N20.91 billion in 2021 from 19.62 billion the previous year as a result of an 11.85 percent growth in retained earnings.

According to the company, the group also expanded its total asset base by 95.7 percent y-o-y to N126.80 billion.

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 percent.

In addition, he said lube sales recorded 52 percent growth resulting in 12.8 percent of revenue, the transport and logistics business constituting 0.3 percent, and liquefied petroleum gas (LPG) & Cylinder sales with 0.2 percent of the group revenue.

“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,” Adeosun said, reiterating that Ardova remains committed to delivering shareholder value.

Ardova Plc has an extensive network of over 450 retail outlets in Nigeria and significant storage facilities in Apapa, Lagos, and Onne, Rivers State.

It procures and distributes Petrol (PMS), Diesel (AGO), Aviation Fuel, and Liquefied Petroleum Gas (LPG) in the country.