Ardova Plc Reports Third-Quarter 2022 Financial Results


Ardova Plc Reports Third-Quarter 2022 Financial Results         

News Summary 

·    Third-quarter revenue of 182.6 billion, up 34.2% year on year (YoY). Achieved revenue growth across all business segments. 

·        Achieved all-time record revenue in LPG and cylinder business (1.5 billion, +7,812.6% YoY) and record third quarter revenue in the lubricants business (23.2 billion, +25.9% YoY).

·       Total assets of 139.9 billion, up 10.3% YoY. Property plant and equipment of 53.6 billion, up 43.7% YoY.

·     Ongoing redevelopment of the Apapa Terminal, upgrade of the LOBP, and construction of 20,000mt LPG plant.

·         Ardova held a successful AGM in September 2022.  

Lagos, 28 October 2022 – Ardova Plc today reported third-quarter 2022 financial results.

“Q3 shone an even greater spotlight on the global demand for energy, where Ardova has the unique breadth and scale to lead in Nigeria. Our focus on execution continued as we recorded significant progress on our 20,000mt LPG storage commitments,” said Olumide Adeosun, Ardova CEO. “As a Company with a rich and long history, we are transitioning to deliver the energy for a brave new world, and I see the enormous opportunity ahead - I am proud of the progress we are making towards that opportunity.”

“We recorded strong growth in revenue (+34.2% YoY) but our bottom-line results were below the standards we have set for the Company and our shareholders. We must and will do better. The continued rise in input cost, intermittent fuel scarcity, new industry entrants, less trucks for haulage and distribution, and finance cost were the largest drivers. We are being responsive to the changing business conditions, working closely with our customers while remaining laser-focused on our strategy and long-term opportunities. We are embracing this challenging environment to accelerate our transformation.” 

"We are taking necessary actions to manage through the current environment, including accelerating the deployment of our ‘five to drive strategy’, while reiterating our prior commitment to sustainably grow margins as we invest in infrastructure supportive of our growth agenda," said Moshood Olajide, Ardova CFO.

Click here to download the full news release.