ARDOVA : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

ARDOVA PLC

UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2022

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ARDOVA PLC

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

Contents	Page
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Financial highlights	1
Statement of directors' responsibilities in relation to the financial statements	2
Consolidated Statement of profit or loss & other comprehensive income	4
Consolidated Statement of financial position	5
Consolidated Statement of changes in equity	6
Consolidated Statement of cash flows	7
Notes to the Consolidated financial statements	8

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ARDOVA PLC

QUARTER THREE 2022 FINANCIAL HIGHLIGHTS

	Group		Company
	30-Sep-22	30-Sep-21	30-Sep-22	30-Sep-21
	N'000	N'000	N'000	N'000
Revenue	182,590,080	136,102,892	143,543,075	135,675,742
Cost of sales	(172,842,916)	(125,934,200)	(134,368,675)	(126,393,060)
Gross profit	9,747,164	10,168,692	9,174,400	9,282,682
Profit/(loss) before income tax	(4,341,665)	1,940,996	(1,030,404)	2,062,676
Income tax expense	-	(700,987)	-	(700,987)
Profit/(loss) after tax	(4,341,665)	1,240,009	(1,030,404)	1,361,690
	30-Sep-22	31-Dec-21	30-Sep-22	31-Dec-21
Net assets	139,904,487	126,879,713	118,520,890	102,227,391
Retained earnings	2,248,535	6,590,200	11,153,600	12,184,004

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ARDOVA PLC

Statement of Directors' responsibilities

For the preparation and approval of the interim group financial statements

The Directors of Ardova Plc ("the company") are responsible for the preparation of the financial statements that give a true and fair view of the consolidated financial position of the Company as at 30 September 2022 and the results of its operations, cash flows and changes in the equity for the year ended, in compliance with the International Financial Reporting Standards ("IFRS") and in the manner required by the Companies and Allied Matter Act of Nigeria and the Financial Reporting Council of Nigeria Act, 2011.

In preparing the financial statements, the Directors are responsible for:

• Properly selecting and applying accounting policies
• Presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information, and
• Making an assessment of the Company's ability to continue as a going concern.

Going Concern:

The Directors have assessed the Company's ability to continue as a going concern and have no reason to believe the Company will not remain a going concern in the year ahead.

The consolidated financial statements of the Company for the period ended 30 September 2022 were approved by Directors on 28th of October, 2022.

On behalf of the Directors of the Company

________________________	__________________________
Olumide Adeosun	Moshood Olajide
Chief Executive Officer	Executive Director, Finance
FRC/2020/003/00000020356	FRC/2018/MULTI/00000017818

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Ardova Plc

Corporate information

Ardova Plc (the Company) is a leading indigenous, integrated energy company in Nigeria involved in the marketing of petroleum products.

The Company operates a network of over 450 retail outlets spread across the Country with major petroleum storage installations at both Apapa (Lagos State) and Onne (Rivers State). Ardova Plc also provides aircraft refueling operations at its Aviation Joint User's hydrants in Ikeja and Joint Aviation depots in Abuja, Port Harcourt and Kano making the Company one of Nigeria's leading providers of aviation fuel for local and international airlines. The Company also procures and markets Liquefied Petroleum Gas.

The Company manufactures and distributes a wide range of quality lubricants, which include Super V, Visco 2000, Diesel Motor Oil from its lubricating oil blending plant at its Apapa terminal in Lagos. The Company acts as the main distributor for Shell lubricants branded products for the automotive and industrial sectors in Nigeria In addition to its strategic retail and commercial network in Nigeria, Ardova Plc has embarked on providing clean energy hubs and mini- grids and renewable energy solutions through its Solar brand which distributes low cost solar power solutions to domestic customers.

Board of Directors
AbdulWasiu Sowami	-	Chairman
Olumide Adeosun	-	Chief Executive Officer
Moshood Olajide	-	Chief Financial Officer
Mohammed Aminu Umar	-	Non-Executive Director
Olusola Adeeyo	-	Independent Non-Executive Director
Aniola Durosinmi-Etti	-	Independent Non-Executive Director

Company Secretary/General Counsel

Oladeinde Nelson-Cole

Registered Office

1, AP/Conoil Road, Ijora, Lagos

Registrars and Transfer Office

Veritas Registrars Limited,

Plot 89A, Ajose Adeogun Street, Victoria Island, Lagos

Auditors

Deloitte and Touche

Civic Towers,

Plot GA1, Ozumba Mbadiwe Road Victoria Island Lagos

Principal bankers

First Bank of Nigeria Limited

Guaranty Trust Bank Plc

Keystone Bank Limited

Union Bank Plc

Stanbic IBTC Bank Plc

Zenith International Bank Plc

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