Ardova Group has guaranteed investors that their returns would improve and that its profitability will start to rise as a result of investments in several fields.
Olumide Adeosun, the business’s chief executive officer, reviewed the company’s financials at the 43rd annual general meeting and stated that the company is still focused on its future beyond conventional fuels and implementing the necessary daring measures to provide positive returns to shareholders.
According to him, the company’s operations in 2021 saw gross revenue of N192.47 billion, up from N181.66 billion in the same time in 2020. Group revenue also increased to N201.44 billion, up 10.71 percent from the 2020 number.
According to Adeosun, the corporation increased its shareholders’ funds by 6.58 percent, to N20.91 billion from N19.62 billion, as a result of a growth in retained earnings of 11.85 percent. Additionally, the business increased its entire asset base by 95.7% to N126.80 billion.
“Ardova continues a journey of growth and economic effect,” Adeosun stated. 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.”
According to him, the company has cut its distance from the client while expanding the network of AP’s retail station outlets with the acquisition of Enyo.
Moshood Olajide, the company’s chief financial officer and executive director of finance and business support, said that the expansion in the gasoline industry, which made up 86.7% of the group’s income, was responsible for the increase.
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