ARDOVA Plc has announced the release of its 2021 Audited Financial Statements and Q1 2022 Unaudited Financial Results. According to the financial results received from the Nigerian Exchange Limited (NGX), the company posted a profit of N1.54 billion in the year ended December 31, 2021. However, losses from subsidiaries Axles and Cartage, and newly acquired Enyo Retail and Supply Limited created a group net loss position of N3.8 billion. 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. We also concluded the acquisition of Enyo Retail and Supply Limited (ERSL) in a deal that makes our retail network the largest in Nigeria.

Source: Nigerian Tribune July 11, 2022 02:17 UTC