August 1, 2021


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AP promises shareholders improved profitability

The Chief Executive Officer, Ardova Plc (AP), Mr Olumide Adeosun, has assured shareholders of improved profitability in 2020 financial year.


By Chinyere Joel-Nwokeoma

The Chief Executive Officer, Ardova Plc (AP), Mr Olumide Adeosun, has assured shareholders of improved profitability and value in the current financial year ending Dec. 31, 2020.

In a statement on Sunday in Lagos, Adeosun said the company would remain committed to delivering improved profitability and value for shareholders.

He said that improved profitability and value remained core component of the company’s transformation agenda.

Adeosun added that AP would leverage new opportunities, innovation and partnerships that would further its goal to emerge as Nigeria’s energy provider of choice.

Commenting on the 2019 financial performance, he said the new management had the vision to create an energy firm that would become the brand of choice.

“Following the entry of the new management in 2019, our vision is 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 per cent year-on-year growth in revenue and a 520 per cent year-on-year growth in profitability,” he said.

Adeosun said that 2019 financial results marked the start of the company’s repositioning plan.

The statement also quoted AP Chairman, Mr AbdulWasiu Sowami, as saying: “The change in strategy introduced by our new management has begun to yield returns.

“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,” Sowami said.

The News Agency of Nigeria (NAN) teports that AP is a leading Nigerian integrated energy company with a network of over 450 retail outlets in Nigeria and significant storage facilities in Apapa, Lagos and Onne in Rivers.

Its primary service is to procure and distribute petrol, diesel, kerosene and liquefied petroleum gas. (NAN)

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