Olumide Adeosun 1

Ardova Plc Mulls Return To NGX Listing

Ardova Plc has disclosed that it is finalizing arrangements to return to the Nigerian Exchange Limited (NGX) as part of its strategic restructuring.

The companyโ€™s Chief Executive Officer, Mr. Moshood Olajide, made this disclosure during a press briefing held to commemorate Ardovaโ€™s 60th anniversary celebration, themed โ€œ60 Years of Energising Progress With Endless Possibilities.โ€

โ€œWe are planning a return to the Nigerian Exchange Limited. Itโ€™s a key part of our growth strategy,โ€ said Olajide. โ€œWe are currently consolidating our position and once weโ€™re ready, our first move will be to return to the NGX.โ€

Olajide highlighted that Ardova is making the largest investment in the downstream oil and gas sector, reaffirming the companyโ€™s commitment to its growth and sustainability.

โ€œWe are here to stay,โ€ he emphasized. โ€œThe investments we are putting back into the business demonstrate our dedication to expansion and resilience. This should reassure stakeholders of our sustainability as a business.โ€

Olajide elaborated on Ardovaโ€™s comprehensive portfolio, noting that it remains one of the few downstream oil and gas companies offering a full slate of products, including PMS, AGO, ATK, LPG, phase oil, lubricants, and bitumen. โ€œThis product diversity speaks to our revenue resilience and our ability to sustain stakeholder returns by mitigating risks,โ€ he stated.

The CEO also reaffirmed Ardovaโ€™s adherence to high corporate governance standards. โ€œThe governance standards we maintained while listed on the stock exchange remain intact,โ€ he said.

โ€œWe continue to uphold rigorous internal controls on financial reporting and governance systems. Investments in technology further bolster these controls, ensuring the sustainability of our business.โ€

Olajide expressed confidence in Ardovaโ€™s performance across various benchmarks. โ€œWeโ€™ve maintained exceptional standards in every area stakeholders would evaluate. This reflects our commitment to excellence and our readiness for the next phase of growth,โ€ he concluded.

Speaking on the companyโ€™s profitability, the Ardova CEO maintained that, considering the enormous investment put into technology and other aspect of the business, they expect to see enhanced efficiency in its operations and profitability.

โ€œWe 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 perspectiveโ€, he added.

Meanwhile, Ardova Plc had said that investments made in 2021 contributed to the growth in revenue, sales volume, and profits.

It disclosed this in a statement on its โ€˜2021 audited financial statements and Q1, 2022 unaudited financial resultsโ€™.

The statement said, โ€œThe 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.

โ€œIn Q1 2022, APโ€™s performance shows significant improvements as yields from investments made in 2021 contribute to growth in revenue, sales volume, and profits.โ€

Ardova Plc had on July 26 delisted its shares from the Nigerian Exchange Limited (NGX), ending a 53-year old listing after its precursor, African Petroleum was admitted to the stock market.

The delisting was pursuant to the scheme of arrangements between Ardova and holders of its fully paid ordinary shares as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court.

Ardova reached an agreement that sees minority shareholders get 2.9 per cent more than the settlement price the acquiring investor initially offered them.

Ardova Plcโ€™s return to the NGX is anticipated to reinforce its position as a leading player in Nigeriaโ€™s downstream oil and gas industry while offering renewed opportunities for investors and stakeholders.

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