By Barnabas Esiet.
Ardova Plc, a fast-growing energy company, has reiterated its commitment to boosting productivity in the energy sector through various innovations.
The company, which is marking its 60th anniversary, has pledged to continue investing in cleaner and safer energy solutions, in line with global operating standards.
Speaking at an interactive session with journalists in Lagos, the Managing Director of Ardova Plc, Moshood Olajide, said the company’s vision is not just to provide energy, but to empower people.
He disclosed that the company’s expansion agenda includes diversifying its interests in the energy sector as it has made significant investment in liquefied petroleum gas (LPG) infrastructure, including a state-of-the-art LPG terminal in Lagos.
The terminal has a storage capacity of 30 kilotons, which can satisfy 60% of Nigeria’s domestic LPG demand.
“Ardova Plc has committed to investing in cleaner and safer energy solutions, in line with global operating standards.
“The company’s investment in LPG infrastructure is a testament to its commitment to driving the nation’s “Decade of Gas” initiative.
This initiative aims to enhance energy efficiency, support small business growth, and mitigate environmental challenges posed by traditional fuels.” He said.
Olajide reflected on the company’s transformative journey, with the catch phrase, “Life begins at 60” . He noted that the company’s investment in technology has improved its operational efficiency and profitability.
“We project into the future, that our numbers will improve, even in the coming years. From our revenue perspective, from the volume delivered to the market, and the net return perspective,” he said.
Ardova Plc investments in 2021, contributed to the high growth in revenue, sales volume, and profits, this is according to a statement on its ‘2021 audited financial and first quarter, Q1, 2022 unaudited financial results’.
The statement said, the company posted a profit of N1.54bn in the year ended 31 December, 2021. However, losses from subsidiaries; Axles and Cartage, and newly acquired Enyo Retail and Supply Limited, created a group net loss position of N3.8bn.
“In Q1 2022, AP’s performance shows significant improvements as yields from investments made in 2021 contribute to growth in revenue, sales volume, and profits.”
The Chief Strategy Officer of Ardova Plc, AbdulHakeem Buhari, highlighted the company’s pivotal role in redefining value creation within the energy sector, stating, “Ardova embodies a vision where energy innovation meets economic empowerment.” He said.
Ardova Plc’s commitment to innovation and sustainability has earned the company several awards and recognition. The company was recently recognized as one of the top 100 companies in Nigeria by the Nigerian Stock Exchange.
As Ardova Plc celebrates its 60th anniversary, the company’s management has expressed its gratitude to stakeholders for their support over the years.
The company’s management has also pledged to continue investing in innovation and cleaner energy solutions, in line with global operating standards.
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