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% 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 to 1.1billion 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. 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.
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.
