Aradel Holdings Plc said its net profit grew by 361.1 per cent to N247.8 billion in its 2024 full year unaudited results.
The Company results released on the Nigerian Exchange (NGX) Limited showed that the revenue grew by 162.7 per cent to N581.2 billion from N221.1 billion in 2023. Gross profit rose by 124.7 per cent to N319.8 billion from N142.3 billion, while operating profit amounted to N297.5 billion as against N114.1 billion.
The Company’s earnings per share stood at N57.03 compared to N12.37 achieved in 2023. Operating cash flow stood at N315.3 billion higher than N139.0 billion, while free cash flow rose to N178.5 billion from N90.1 billion.
Total assets stood at N1.745 trillion as against N923.4 billion in 2023, while total equity rose by 97.7 per cent to N1.393 trillion from N704.6 billion in 2023.
Speaking on the Company performance in the period under review, the chief executive officer of Aradel Holdings, Adegbite Falade said, “the Company sustained its strong operational and financial performance in 2024, building on the improvements achieved in 2023. We recorded increased topline and bottomline, driven by significantly higher hydrocarbon production, the successful re-entry of Well 2ST in the Omerelu Field, which resulted in the attainment of First Oil on May 31, 2024 and increased sales volumes from our refinery operations.
“We successfully drilled Wells 14 and 15, marking the conclusion of our Phase 1, four-well turnkey drilling campaign with favourable results. We kicked off the second phase of the drilling campaign with Well 16, which is approaching completion. To support the anticipated production growth, we expanded the throughput capacity of our evacuation channels, positioning us to maintain strong output and efficiency levels throughout the year. “
He added that “we completed the acquisition of the Olo and Olo West Marginal Fields from the TotalEnergies/NNPC Joint venture, and entered an agreement to acquire a minority equity interest in Chappal Energies Mauritius Limited – an energy company focusing on investments in deep value and brownfield upstream opportunities within Africa.
“Aradel is also an equity participant in the Renaissance Africa Energy Company Limited, the acquirer of Shell’s 100 per cent equity interest in the Shell Petroleum Development Company (SPDC) Limited, for which Ministerial Consent has been obtained. These acquisitions further enhance our portfolio and create new opportunities for future production growth.”
Falade explained that “they will complement our existing operations and provide significant long-term value, aligning with our broader strategy of expanding our asset base to multiple assets across different locations, and increasing the resilience as well as sustainability of our business.”
He also said “our successful listing on the NGX in October capped a landmark year for the Company and was a significant milestone towards fulfilling our promise to enhance shareholder value.”
For 2025, Falade stated “our plan is to commence the development programmes for Olo and Olo West as well as the Omerelu Fields. These are in addition to optimising production from Ogbele, with a target annual production of 16kbbls per day and 50mmscf per day.”
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