Aradel Holdings Plc has declared revenue increased 206.9 per cent to N377.6 billion in its unaudited nine months results for the period ended September 30, 2024.
The Company, a Nigeria’s integrated indigenous energy Company released its results on the Nigerian Exchange showed that revenue grew to N377.6 billion from N123.0 billion in September 2023.
Gross profit rose by 203.9 per cent to N210.8 billion from N69.4 billion, while operating profit increased by 320.7 per cent to N169.1 billion as against N40.2 billion in 2023.
Profit after tax increased by 477.2 per cent to N110.6 billion from N19.2 billion in 2023, while earnings per share also rose by 477.2 per cent to N25.5 compared to N4.40 in 2023.
Total assets of the Company stood at N1.748 trillion from N923.4 billion as at December, 2023, while total equity amounted to N1.355 trillion from N 704.6 billion in December 2023.
In the light of the nine months performance, the Board proposed the payment of interim dividend of N8.00 per share.
Speaking on the Company results, the chief executive officer of Aradel Holdings, Mr. Adegbite Falade said “the Company’s performance in the first nine months of 2024 consolidated on the strong operational and financial improvements attained in 2023.
“We achieved increased diversification of our revenue streams on significantly improved hydrocarbons production, and material increases in the output from our refinery operations. Wells 14 and 15 have now been drilled and results have been favourable, concluding our Phase 1, 4-well turnkey drilling campaign.”
Falade stated that “to accommodate the expected incremental volumes, we also expanded the throughput capacity of our evacuation channels. These activities, among others, put us in a position to maintain the output and efficiency levels for the nine months of the year.
“Additionally, we completed the acquisition of the Olo and Olo West Marginal Fields from the TotalEnergies/NNPC Joint venture. This will further enhance our portfolio and create new opportunities for future production growth.
“This acquisition 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 of our business.”
He explained that “our listing on the NGX bolsters liquidity of our shares and fulfils our promise to enhance shareholder value. We expect to close the year on a strong footing, barring any unforeseen circumstances.”
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