Ardova Plc Holds 41st AGM … Grows Revenue by 31.1% in 2019
By UDO ONYEKA
Ardova Plc (AP), a leading Nigerian integrated energy
company held its 41st Annual General Meeting (AGM), which was also its first virtually held AGM
on August 28, 2020, in Lagos.
In compliance with social distancing measures designed to curb the spread of the Coronavirus
(COVID-19) pandemic, in-person shareholder attendance at the AGM was by proxy whilst the
meeting was simultaneously streamed live online for the benefit of all the AP’s shareholders
not physically present.
In a statement addressing the shareholders, AbdulWasiu Sowami, Chairman, AP said; “On behalf
of the Board, I am pleased to inform our shareholders that the change in strategy introduced
by our new management has begun to yield returns. Despite what was a challenging economic
environment, the evolution of our business model to one focused on improving operational
efficiencies, leveraging existing core assets and positioning the company to be at the forefront
of renewable energy distribution in Nigeria has led to significant improvement in our top and
bottom line. We will continue to focus on delivering value to our shareholders as we continue
to drive the growth and profitability of our business”
Key highlights for 2019 Financial Year indicate an increase in shareholders’ funds by15.6 per cent
year-on-year, to N17.5 billion in FY 2019 (FY2018: N15.1 billion) as a result of a 38 per cent growth
in retained earnings. The company also improved its operational efficiency and increased its
volumes and margins for all its products, resulting in total volume growth of 37.4 per ceny y-o-y from
804.7million in FY 2018 to 1.1billion in FY 2019.
Chief Executive Officer, AP, Olumide Adeosun in his comments on the 2019 financial
performance stated that “Following the entry of the new management in 2019, our vision was
to create an energy firm that will become the brand of choice for consumers. Our strategy to
deliver on this goal is to be laser-focused in increasing operational efficiency and leveraging
our core assets to maximise growth. On this premise, we divested from our non-core
subsidiaries, a strategic move that quickly resulted in a cleaner balance sheet and a healthy
platform from which our resulting growth stems.. It is against this backdrop that we delivered
a 31% year-on-year growth in revenue and a 520% year-on-year growth in profitability.”
Mr. Adeosun also noted that “Our 2019 financial results mark the start of our repositioning
plan. We will continue to be deliberate about building an energy company designed for the
future, and our performance over the latter half of 2019 shows that moving forward on this
course will set us on the right path to our long-term goals. We remain committed to delivering
improved profitability and value for shareholders in 2020, as this remains a core component
of our transformation.”
Other critical resolutions voted for by the shareholders at the meeting was the election of members of the Statutory Audit Committee and amendments to the Articles of Association to allow the meeting of the Board of Directors to hold via conference call, video call or other digital or electronic means.
According to the CEO, Ardova Plc will continue to execute on its transformation strategy by leveraging new opportunities, innovation and partnerships that further its goal to emerge as Nigeria’s energy provider of choice.
Ardova Plc (AP) is a leading Nigerian integrated energy company with an extensive network of over 450 retail outlets in Nigeria and significant storage facilities in Apapa, Lagos and Onne, Rivers State.
