Operators in the oil and gas industry have been advised by heavy machinery manufacturer Caterpillar to investigate prospects in gas power technology.
The company showed to the operators the vast potential and how they may explore and take use of it. The company restated its focus to aiding Nigerian industries with cost-saving solutions, operational optimization, and data-driven power systems.
Senior leaders from the Nigerian oil and gas business were invited to a two-day seminar where the answers were presented.
Mohamed Abdelsalam, General Manager, Parts of Mantrac Nigeria Limited (MNL), stated that the seminar’s goals were to reaffirm the company’s dedication to gas power solutions, highlight its electric power solutions, and instruct attendees on how to pick engines and operate them more skillfully.
A number of new products and technology were showcased during the business event, which was also hosted by Mantrac Nigeria Limited, the official distributor of Caterpillar in Nigeria.
In particular, the company claimed that 95% of the products were easily accessible in Nigeria. Mantrac invested in a cutting-edge complete knock-down (CKD) factory in Nigeria earlier in 2007 to increase its capacity to fulfill local demands.
Representatives from Caterpillar and Mantrac broke up their presentation into different sections to show how the operators may adapt to gas technologies and gain from them.
They also led the audience through enlightening talks on the latest technology’ workings and ways to support the devices long after purchase.
Additionally revealed at the presentation was Mantrac’s recent gold accreditation from Caterpillar for oil and gas service.
The honor is given to dealers who have distinguished themselves by attaining the highest standards of quality and process control.
Ardova aims for ongoing profitability on significant investments and acquisitions
With the significant investments it made in 2021, particularly its recently acquired Enyo Retail and Supply Ltd, Ardova Plc was able to guarantee over the weekend that the company is well-positioned to sustain its growth and provide shareholders with higher returns.
Recently, the Nigerian Exchange Limited (NGX) halted trading on the company’s shares due to the late submission of its 2021 Audited Financial Statements.
The company this past weekend posted its first quarter (Q1) 2022 unaudited financial results together with its 2021 audited financial statements on the NGX.
In its 2021 operations, the company made a profit of N1.54 billion, while the group’s net loss was N3.8 billion, according to a statement from the company.
The net loss, according to Ardorva, was brought on by losses from the subsidiaries Axles and Cartage and the recently acquired Enyo Retail and Supply Ltd.
The 2021 acquisition, according to the firm, had a favorable effect on the bottom line, as seen by the first quarter’s performance, which saw a profit-after-tax position of N1.6 billion, or 37% more than it did during the same quarter in 2021.
The stabilization strategy for Ardova was completed in 2021, according to the company’s chief executive officer, Olumide Adeosun, and the strengthened balance sheet that resulted gave the company the leverage it needed to expand inorganically and transform into an integrated energy company.
We completed a historic capital raise of N25.3 billion in an oversubscribed bond throughout the course of the year, which was the largest by any downstream firm in Nigeria and a sign of investor confidence in Ardova’s future. Our retail network is now the largest in Nigeria as a result of the acquisition of Enyo Retail and Supply Limited (ERSL), which we also completed.
He emphasized that Ardova won a license to operate an Oil Marginal Field following a successful bid in the 2020 round, increasing the company’s potential for foreign currency revenue generation. He also mentioned that the company made additional investments in cleaner energy infrastructure as it started on-site work on its 20,000 metric tonne Liquefied Petroleum Gas (LPG) storage facility in Ijora.
The Chief Financial Officer, Moshood Olajide, also spoke, noting that the company’s Q1 performance had significantly improved due to the contribution of investment yields from 2021 to increases in revenue, sales volume, and profits.
He claims that the business has kept up its capital expenditure growth, primarily through investments that support its strategic growth.
We anticipate returns within a three-year time frame, and as Q1 came to a close, “the corporation continued to deliver on earnings.”
He noted that the performance for the first quarter of 2022 had significantly improved, with yields from investments made in 2021 helping to increase revenue, sales volume, and profits.
Our subsidiaries Axles & Cartage Limited, which had problems with the operating environment, and the recently acquired Enyo, which is currently undergoing a transformation process to increase operational efficiency and profitability, had a negative impact on us. When subsidiaries are considered, the overall loss for the firm comes to N3.8 billion.
The Q1 2022 results, however, demonstrated resiliency as “We continued competitive growth by increasing sales by 21% YoY (Group: 50% YoY), with the resulting profit of N1.6Bn putting us in a position of 37% growth YoY.
In addition, he added, “We continued to raise capital expenditure, mostly in projects that assist our strategic expansion, and we expect to see returns within a three-year window.
