FY 2019: Ardova Plc Records 31.1% Revenue Growth | TimeTestedNews

Ardova Plc (formerly AP), a leading Nigerian integrated energy company, held its 41st Annual General Meeting (AGM), which was also its first virtual AGM on August 28, 2020, in Lagos.
In compliance with social distancing measures designed to curb the spread of the Coronavirus  (COVID-19) pandemic, shareholder attendance at the AGM was by proxy whilst the meeting was simultaneously streamed live online for the benefit of all its shareholders
not physically present.
In a statement to 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% year-on-year, to N17.5 billion in FY 2019 (FY2018: N15.1 billion) as a result of a 38% 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%  y-o-y from 804.7million in FY 2018 to1.1billion in FY 2019.

Olumide Adeosun, Chief Executive Officer, AP, 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.”