Aradel Holdings Grows Revenue By 234.5%, Declares N170/Share Final Dividend

Aradel Holdings Plc, has declared a final dividend of N170 per share to its shareholders for the year ended December 31, 2023.

The company grew its revenue by 234.5 per cent to N221.1 billion (US$342.3 million) in 2023 from the N66.1 billion (US$156.1 million) attained in 2022.

The Company also achieved an increase of 254.9 per cent in Profit After Tax (PAT) to N53.7 billion (US$69.1 million) in the same period from N15.1 billion (US$35.5 million) recorded in 2022.
The Company, Nigeria’s integrated indigenous energy Company, listed on the NASD Exchange and the FMDQ made this known at its 29th Annual General Meeting (AGM) hybrid event held in Lagos.

Also, the shareholders of the Company approved the listing of the company’s shares on the Nigerian Exchange (NGX) Limited by way of a Listing by Introduction.

The chairman of Aradel Holdings, Ladi Jadesimi, said “in 2023, Aradel Holdings’ performance was characterised by unprecedented growth, underpinned by the sound strategic initiatives we implemented in 2022, in addition to the year’s new initiatives.

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“We increased our overall crude production volumes and enhanced our well delivery performance and potential. The Alternative Crude Evacuation (ACE) system completed in 2022 was subsequently optimised further during the year under review, facilitating the safe evacuation of crude with the impact being a significant reduction in crude loss compared to levels experienced in prior years.’’
In 2023, the Company recorded revenue growth of 234.5 per cent to N221.1 billion ($342.3 million) from the N66.1 billion ($156.1 million) attained in 2022. The Company also achieved a significant increase of 254.9 per cent in profit after tax to N53.7 billion ($69.1 million) from N15.1 billion ($35.5 million) recorded in 2022.

Based on this robust financial performance, a final dividend of N170 per share, as recommended by the Board of Directors was approved by the shareholders at the AGM.

The chief executive officer/managing director of Aradel Holdings, Adegbite Falade said, “The dogged pursuit of multiple initiatives, guided by the visionary wisdom of a most experienced Board of Directors, fuelled by an extremely hard-working, passionate and dedicated workforce created mutually assuring outcomes that enabled the outstanding growth in the operational performance seen in 2023.”
Speaking to the future aspirations of the Company, Falade stated that “the credibility of our theme Unleashing Growth, takes its root firmly from the record 2023 results and the fledgling and sustainable outlook for 2024 and beyond.

“Our published Q1 2024 unaudited accounts provide a clear indication of what lies ahead for Aradel Holdings Plc. Our accounts show that at both operational and financial levels, our Company is not letting off from where we ended in 2023.”

He noted that “last week, we witnessed two important milestone events in the exciting journey of our company. The first was on the 29th of May, when our company joined the elite rank of companies in Nigeria that attained a N1 trillion market capitalisation as we closed at N4,882 per share at end of the day’s trading.

“Secondly, on the 31st of May, we achieved First Oil production from the Omerelu Field upon the successful re-entry of the 2ST Well. These two milestones among others provide clear indication of the solid foundation and bright future that we see and are relentlessly pursuing.”