{"id":62266,"date":"2022-07-07T14:31:42","date_gmt":"2022-07-07T13:31:42","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=62266"},"modified":"2022-07-07T14:31:42","modified_gmt":"2022-07-07T13:31:42","slug":"ardova-plc-files-fy-2021-with-profit-rising-to-n1-6billion","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/ardova-plc-files-fy-2021-with-profit-rising-to-n1-6billion\/","title":{"rendered":"Ardova Plc Files FY 2021 With Profit Rising To N1.6billion"},"content":{"rendered":"

… as Q1 2022 results indicate benefits of investments made<\/p>\n

\"\"Ardova Plc (Ardova) has announced the release of its 2021 Audited Financial Statements and Q1 2022 Unaudited Financial Results.<\/p>\n

The company based on it’s sound cooperate governance policy assured the investing public last week that it’s financial will be out this week.<\/p>\n

An x-ray of the company’s statement submitted to the Nigerian Exchange Limited for verification Thursday, shows a profit of N1.54bn in the year ended 31 December, 2021.<\/p>\n

\"\"<\/p>\n

However, losses from subsidiaries Axles and Cartage, and newly acquired Enyo Retail and Supply Limited created a group net loss position of N3.8bn.<\/p>\n

It will be recall that reconciliation of account books of Enyo Retail and Supply Limited resulted in Ardova’s share suspension on the floor of the NGX.<\/p>\n

It’s expected that the NGX haven received the company’s financials, suspension will be lifted on it’s shares and investors will continue to enjoy the sound operational capabilities of management of the company.<\/p>\n

A look into Q1 2022, AP\u2019s performance shows significant improvements as yields from investments made in 2021 contribute to growth in revenue, sales volume, and profits.<\/p>\n

According to Ardova\u2019s Chief Executive Officer, Olumide Adeosun, \u201c2021 proved to be an eventful year for Ardova Plc, as it marked the completion of our stabilization strategy, with the consequent strengthened balance sheet providing the leverage for the inorganic expansion required to evolve Ardova into an integrated energy company.<\/p>\n

\"\"<\/p>\n

Highlighting parts of the expansion phase that became material in 2021, Mr. Adeosun stated that, \u201cIn the course of the year, we concluded a landmark capital raise of N25.3 billion in an over-subscribed bond that was the largest by any downstream company in Nigeria, and an indication of investor confidence in Ardova\u2019s future. We also concluded the acquisition of Enyo Retail and Supply Limited (ERSL) in a deal that makes our retail network the largest in Nigeria.
\nThe company also made further investments in cleaner energy infrastructure, as it commenced
\nonsite work on its 20,000 metric tonne Liquefied Petroleum Gas (LPG) storage facility in Ijora. Ardova won a license to operate an Oil Marginal Field following a successful bid in the 2020 round, thereby increasing the company\u2019s potential for foreign currency revenue generation.<\/p>\n

Moshood Olajide, Ardova\u2019s Chief Financial Officer noted that \u201cThe company continued to deliver on profits, as we ended Q1 with a profit-after-tax position of N1.6bn, which is a growth of 37% compared to same period in 2021. We also continued to increase our capital expenditure, principally in investments that facilitate our strategic expansion, and we expect to see returns within a three-year window.\u201d<\/p>\n

Mr. Olajide further noted that Ardova\u2019s Q1 2022 results showcased resilience as \u201cWe sustained competitive growth by increasing revenue by 21% YoY (Group: 50% YoY), with the resulting profit of N1.6Bn putting us in a 37% growth YoY position.\u201d<\/p>\n

“As a group, we were negatively impacted by our subsidiaries, Axles & Cartage Limited, which faced operational environment issues and the newly acquired Enyo, which is presently undergoing a transformation process to drive operational efficiency and profitability. When subsidiaries are taken consideration the group loss amounts to N3.8bn.<\/p>\n

Mr. Adeosun stated that “the loss experienced in 2021 are an expected reflection of the strategic inorganic growth programme of the company, and do not affect the viability of the
\ncompany, especially as some of the immediate benefits of this programme were illustrated by the better year on year performance recorded in our Q1 2022 results.\u201d<\/p>\n

He also stated that, once fully integrated, the acquisitions alongside the AP Renewables subsidiary will provide and safeguard Ardova\u2019s capacity to thrive as global energy consumption tilts to cleaner sources.<\/p>\n

Earnings Highlights<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Income Statement for period ended 31 March 2022<\/p>\n

\u2022 Revenue of N50.57 billion, up 21% y-o-y (Group: 62.93billion)<\/p>\n

\u2022 Gross Profit of N4.82 billion, up 51% y-o-y (Group: N5.42billion)<\/p>\n

\u2022 Net finance cost of N1.03 billion, up 462% (Group: N1.61 billion)<\/p>\n

\u2022 Profit before tax of N1.60 billion up 37% (Group: N0.19 billion)<\/p>\n

\u2022 Earnings per share of N1.23 (Group: N0.15)<\/p>\n

Statement of Financial Position<\/p>\n

\u2022 Shareholder funds of N21.12 billion, up 8% y-t-d (Group: N17.30 billion)<\/p>\n

\u2022 Total assets of N127.95 billion, up 25% y-t-d (Group: N127.29 billion)<\/p>\n

Key Ratios<\/p>\n

\u2022 Gross margin: Group 9%, Company 10% (Mar 2021: 8%)<\/p>\n

\u2022 Return on average equity: Group 1.1%; Company 7.9% (Dec 2021: 12.8%)<\/p>\n

\u2022 Operating expenses\/Revenue: Group 6%, Company 4% (Mar 2021: 5%)<\/p>\n

\u2022 Interest cover: Group 1.1x; Company 2.5x (Mar 2021: 7.4x)<\/p>\n

\u2022 Gearing ratio: Group 326%; Company 153% (Dec 2021: Group 342%; Company, 160%)<\/p>\n

\u2022 Total Asset\/Equity: Group 7.4x; Company 6.1x (Dec 2021: Group 7.4x; Company, 5.2x)<\/p>\n","protected":false},"excerpt":{"rendered":"

Ardova Plc (Ardova) has announced the release of its 2021 Audited Financial Statements and Q1 2022 Unaudited Financial Results.<\/p>\n","protected":false},"author":6,"featured_media":43905,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[7606],"coauthors":[2391],"class_list":["post-62266","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-ardova-plc"],"yoast_head":"\nArdova Plc Files FY 2021 With Profit Rising To N1.6billion - National Wire<\/title>\n<meta name=\"description\" content=\"Ardova Plc (Ardova) has announced the release of its 2021 Audited Financial Statements and Q1 2022 Unaudited Financial Results.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/ardova-plc-files-fy-2021-with-profit-rising-to-n1-6billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ardova Plc Files FY 2021 With Profit Rising To N1.6billion - 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