- 43% revenue growth year-on-year from N6bn to N538.8bn
- 25% increase in interim dividend to N00, up from N8.00 in prior year
- 20 years of uninterrupted production, underscoring operational excellence and resilience
Aradel Holdings Plc (“Aradel” or “Aradel Holdings” or the “Company” or the “Group”), Nigeria’s leading integrated energy company announces its unaudited results for the nine-month period ended 30 September 2025.
Aradel continues to deliver strong operational and financial performance, reflecting the resilience of its diversified energy portfolio. The Company maintained stable production across all business segments and achieved robust profit margins, supported by operational efficiency, disciplined capital management and solid returns from non-operated assets. Reinforcing its commitment to shareholder value, the Board of Directors has approved an interim dividend of N10.00 per share.
Operational Highlights
- Crude oil production averaged 15.3kbbls/day, up 25% from 12.3bbls/day in 9M 2024, driven by improved well optimization, enhanced efficiency, and operational excellence.
- Gas production rose 41% to 50.6mmscf/day (9M 2024: 35.7mmmscf) supported by new gas wells and enhanced recovery.
- 40% increase in production of refined products at 235.7mltrs in 9M 2025 compared to 168.9mltrs in 9M 2024, reflecting improved refinery uptime and expanded capacity.
- 5 million manhours without Lost Time Injury (LTI) achieved across all operated assets.
- In 9M 2025, Aradel expanded its drilling operations with two development rigs and two workover rigs, up from a single rig in 9M 2024, enabling greater exploration, appraisal, and production enhancement activities that reinforced its growth and operational efficiency
Financial Highlights
- Revenue grew by 43% year on year to N8 billion (9M 2024: N377.6 billion), driven by higher crude oil, gas and refined-product sales volumes.
- EBITDA increased 10% to N4 billion (9M 2024: N238.1 billion).
- 43% increase in Profit before tax increased due to strong revenues and strong performance of associate companies.
- Cash at bank stood at N5 billion (9M 2024: N411.8 billion), excluding N12.3 billion restricted cash, maintaining a healthy balance sheet position.
Dividend
The Board approved an interim dividend of N10.00 per share, representing a 25% increase from N8.00 declared in the prior year. This decision underscores Aradel’s commitment to delivering consistent and sustainable returns to shareholders while maintaining a prudent capital discipline and reinvestment for future growth
Mr. Adegbite Falade, Chief Executive Officer, said:
“The Company continues to demonstrate the strength and resilience of its business model, delivering another solid performance for the nine months ended 30 September 2025. This performance reaffirms our consistent track record of growth and value creation even in a dynamic operating environment.
As we celebrate 20 consecutive years of uninterrupted production, we remain proud of how far we have come in building a fully integrated energy company anchored on operational excellence, disciplined growth strategy and prudent financial management.
Since our landmark listing on the Nigerian Exchange in October 2024, we have continued to deliver on our promise of sustainable value creation and upholding the highest standards of corporate governance. Our nine-months 2025 results reflect the effectiveness of our strategic growth initiatives across the upstream, midstream, and downstream segments.
During this period, we completed the acquisition of Olo and Olo west marginal fields and reached an agreement for the acquisition of an additional 40% equity interest in ND Western Limited. These acquisitions further strengthen our strategic position within Nigeria’s oil and gas landscape. The increased transparency and market visibility from our NGX listing have also deepened investor confidence, broadened our shareholder base, and positioned us for long-term growth.
Looking ahead, we remain focused on disciplined investments, strategic partnerships, and innovation to increase production, advance our energy-transition agenda and further diversify our revenue base. With clear strategy and strong fundamentals, we are confident in our ability to sustain growth and maximize value for our shareholders.”
Summary of Performance
| 30 September 2025 | 30 September 2024 | % Change | |||
| N’billion | N’billion | ||||
| Revenue | 538.8 | 377.6 | 43% | ||
| Gross Profit | 234.7 | 210.7 | 11% | ||
| EBITDA | 261.5 | 238.1 | 10% | ||
| Operating Profit | 167.5 | 169.1 | (1%) | ||
| Profit before tax | 300.7 | 191.5 | 57% | ||
| Profit after tax | 245.1 | 110.6 | 122% | ||
| Cash generated from operations | 205.4 | 213.5 | (4%) | ||
| Volumes lifted (mmbbls) | 3.05 | 2.07 | 47% | ||
| Volume of gas sold (Bcf) | 13.58 | 9.51 | 43% | ||
| Volume of refined products sold (mltrs) | 230.9 | 148.6 | 45% | ||
| Average realized oil price ($/bbl) | 75.64 | 85.87 | (12%) | ||
| Average realized gas price ($/mscf) | 1.64 | 1.58 | 4% | ||
Operational Review
Crude Oil Business
In the nine months ended 30 September 2025, total crude oil and condensate production increased by 24% to 4.17 mmbbls compared to 3.36 mmbbls in the corresponding period of 2024. Average daily production increased by 25% to 15.3kbbls/day compared to 12.3kbbls/days in 9M 2024.
This growth was primarily driven by higher output from the Ogbele Field and improved contribution from the Omerelu Field. The increase reflects the success of ongoing production optimization initiatives, enhanced operational efficiency, and the sustained reliability of key evacuation routes — notably the Alternative Crude Evacuation (ACE) system and the Trans Niger Pipeline (TNP).
Gas Business
Aradel recorded gas production volumes of 13.81Bcf in 9M 2025, a 27% increase compared to 9.8Bcf in 9M 2024. Average daily gas production rose by 39% to 50.6 mmscfd (9M 2024: 36.5mmscfd), supported by the commissioning of new gas wells at the Ogbele Field and increased associated gas production at Omerelu.
Notably, the Company achieved its highest-ever gas production rate of approximately 73 mmscf/d, following the successful implementation of the gas system revamp project, underscoring Aradel’s growing role in Nigeria’s domestic gas supply and energy transition agenda.
Refinery Business
Refined product volumes increased by 40% to 235.7 million litres in 9M 2025, up from 168.8 million litres in 9M 2024. This was driven by improved plant reliability, steady feedstock supply, and process efficiency gains. Automotive Gas Oil (AGO) and Naphtha were the major contributors, accounting for 29% and 32% of total production volumes, respectively.
During the period, Aradel completed the acquisition of the Ever Depot storage facility in Port Harcourt, a joint venture with Waltersmith, this acquisition will improve the uptime and minimize deferments resulting from tank top situations. In September 2025, the Company commenced a planned refinery maintenance shutdown, scheduled for completion in October 2025, to support long-term operational efficiency.
Health Safety, and Environment (HSE)
Safety remains a core priority for Aradel. The Company achieved 8.5 million manhours without a Lost Time Injury (LTI) across all operated assets during the period — a testament to its robust safety culture and the commitment of its workforce.
While two minor road transport incidents were recorded, there were no fatalities, LTIs, or medical treatment injuries (MTIs) in the period. Aradel continues to invest in process safety systems, workforce training, and operational risk management to maintain world-class HSE performance standards.
Financial Review
Revenue
Aradel Holdings delivered strong top-line growth, with total revenue rising by 43% year-on-year to ₦538.8 billion (9M 2024: ₦377.6 billion), driven by sustained momentum across all business segments.
Revenue from crude oil exports grew by 36% to ₦341.4 billion (9M 2025: N251.7 billion), supported by higher production volumes and reliable evacuation through both the TNP and ACE system. Crude sales rose to 3.05 mmbbls (9M 2024: 2.07mmbbls), accounting for 63% of the total revenue despite decline in realised crude oil prices.
Refined products revenues increased by 58% to ₦163.1 billion representing 30% of total revenue, driven by a 55% rise in sales volume to 230.8 mmltrs (9M 2024: 148.6 mmltrs). The growth demonstrates the Company’s expanding downstream footprint and strong market penetration.
Gas revenues advanced 11% to ₦34.3 billion (7% of total revenue), reflecting higher production volumes and improved realised prices of $1.64/mscf (9M 2024: $1.58/mscf).
Cost of Sales
Cost of sales comprises expenses relating to crude oil handling charges, depreciation & amortization, operations & maintenance as well as royalties & other statutory expenses which amounted to ₦304.1billion (9M 2024: ₦166.8 billion), reflecting increased costs in carrying out operational activity and statutory obligations aligned with higher production levels.
Crude handling charges rose 10% to N71.0 billion (M 2024: N64.7 billion), while operational and maintenance expenses grew by 184% to N38.9billon (9M 2024: N13.7 billion) largely driven by increased field costs at Omerelu field, host community development provisions under the Petroleum Industry Act (PIA) and well maintenance activities to support operational efficiency.
Depreciation charge for the period increased by 36% to ₦91.7 billion (9M 2024: ₦67.2 billion), arising from higher hydrocarbon production, and the addition of the newly capitalised Well 16 in Ogbele field. Royalties & Other Statutory expenses increased by 151% to ₦79.0 billion (9M 2024: ₦31.5 billion). This was driven by increased production levels, additional royalty provisions, and NDDC Levy provisions. Stock adjustment increased to ₦17.3 billion (9M 2024: (₦27.3 billion)), largely reflecting the impact of lower inventory levels in the current period.
Operating Profit
In 9M 2025, gross profit rose by 11% to ₦234.7 billion (9M 2024: ₦210.8 billion), driven by the expansion of operational activities. The gross profit margin stood at 44%, compared to 56% in the prior period, reflecting the impact of lower realised crude oil price and higher crude oil production volumes resulting in increased depreciation charges associated with an enlarged asset base, and elevated operating costs.
General and Administrative expenses amounted to N81.2 billion versus N25.1 billion in 9M 2024. The increase was primarily due to staff costs, which reflects the implementation of the cash-settled share-based incentive scheme in Q4 2024 and salary review.
Operating profit stood at ₦167.5 billion, representing a marginal decline of 1% from ₦169.1 billion reported in 9M 2025, resulting from higher business operating costs in the period and lower realised crude oil prices.
Net financing costs
Net finance costs increased to ₦6.0 billion (up 394%) following additional borrowings to finance the Shell Petroleum Development Company of Nigeria (SPDC) acquisition and other business operations, while finance income grew 49% to ₦11.1 billion, reflecting stronger returns from interest-bearing cash investments.
Share of profit of associates
Share of profits from associates rose sharply by 490% to ₦139.2 billion reflecting enhanced contributions from ND Western Limited and Renaissance Africa Energy Company.
Profit/(Loss) for the year
Aradel reported profit before tax of ₦300.7 billion up 57% from ₦191.5 billion in 9M 2024. Profit after tax for the period was ₦245.1 billion, a 122% increase from ₦110.6 billion in 9M 2024, driven by improved tax efficiency, and higher earnings contribution. Income tax expense for the period is estimated at ₦55.6 billion (Cash Tax ₦61.9 billion and Deferred tax credit ₦6.4 billion), relative to 9M 2024 tax expense of ₦80.9 billion.
Balance Sheet and Liquidity Management
Total Assets
Total assets grew 12% year-to-date to ₦2.0 trillion (FY 2024: ₦1.7 trillion), primarily attributable to the Company’s strategic investments, including the acquisition of 6.01% equity stake in Chappal Energies Mauritius Limited, an energy company focused on investments in deep value and brownfield upstream opportunities within Africa, and, the completion of Renaissance Africa Energy Holdings acquisition of the entire (100%) equity holding in the SPDC during the period.
Cash Flow from Operating Activities
Operating cashflow stood at ₦205.4 billion (9M 2024: ₦213.5billion), marginally lower due to settlement of income tax liabilities for 2024 Full Year assessment amounting to ₦38.9 billion as well as outstanding receivables for crude oil & gas sales and other proceeds worth ₦78.3 billion (to be received in Q4 2025).
Cash flow from Investing Activities
Net cash flow used in investing activities was ₦147.7 billion, up 99.4% (9M 2024: ₦74.1 billion). This increase is mainly driven by expanded CAPEX and strategic investments – additions to PPE, cash-financed investment in Renaissance amounting to ₦21.2 billion in 9M 2025 and investment of ₦34.6 billion in Chappal Energies.
Cash Flows from financing activities
Net cash flows used in financing activities declined by 18.9% to ₦54.5 billion (9M 2024: ₦67.2 billion). The movement was primarily driven by additional borrowings of ₦149.0 billion, dividend payment and repayments of borrowings and interests.
Borrowings
Total borrowings rose to ₦206.5 billion in 2025 from ₦96.4 billion in 2024, reflecting a significant rise in debt obligations during the year. The increase was largely attributable to loan facilities undertaken to support ongoing operational and business expansion.
Liquidity
The Balance sheet continues to remain healthy with a solid liquidity position
| 30 September 2025 | 31 December 2024 | ||
| Description | ₦’billion | ₦’billion | |
| Total Borrowings | 206.50 | 96.40 | |
| Cash and cash equivalents | 411.83 | 422.21 | |
| Net cash | 205.33 | 325.81 |
Despite the higher level of borrowings, the Group continues to maintain a robust liquidity position, with cash balances comfortably exceeding outstanding debt obligations.
Dividend Payment
The Board has approved an interim dividend of N10.00 per share for the nine-month period ending 30 September 2025, representing a 25% increase compared to the from the interim dividend paid declared in the prior period – reflecting the Company’s sustained profitability and commitment to delivering enhanced shareholder value.
Responsibility for publication
This announcement has been authorized for publication on behalf of Board of Aradel Holdings by Adegbola Adesina, Chief Financial Officer, Aradel Holdings Plc
Signed
Adegbola Adesina
Chief Financial Officer
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2025
| In thousands of naira | 30-Sep-2025 | 30-Sep-2024 |
| Revenue | 538,809,827 | 377,580,576 |
| Cost of Sales | (304,084,899) | (166,802,254) |
| Gross Profit | 234,724,928 | 210,778,322 |
| Other Income | 14,026,397 | (16,562,296) |
| General and administrative expenses | (81,220,997) | (25,134,624) |
| Operating Profit | 167,530,328 | 169,081,402 |
| Finance Income | 15,360,274 | 10,317,533 |
| Finance Costs | (21,391,449) | (11,537,805) |
| Net Finance cost | (6,031,175) | (1,220,272) |
| Share of profit of an associate | 139,185,265 | 23,596,359 |
| Profit before taxation | 300,684,418 | 191,457,489 |
| Tax expense | (55,559,487) | (80,878,032) |
| Profit after taxation | 245,124,931 | 110,579,457 |
| Profit attributable to: | ||
| Equity holders of the parent | 242,863,373 | 110,371,701 |
| Non-controlling interest | 2,261,558 | 207,756 |
| 245,124,931 | 110,579,457 | |
| Other comprehensive income: | ||
| Other comprehensive income item that may be reclassified to profit or loss in subsequent years (net of tax): | ||
| Foreign currency translation difference | (30,192,796) | 362,312,934 |
| Share of other comprehensive income of associate accounted for using the equity method | (28,398,681) | 213,616,170 |
| Other comprehensive income item that will not be reclassified to profit or loss in subsequent years (net of tax): | ||
| Net gain on equity instruments at fair value through other comprehensive income | 5,265,635 | 236,522.00 |
| Other comprehensive income for the year, net of tax | (53,325,842) | 576,165,626 |
| Total comprehensive income for the year | 191,799,089 | 686,745,083 |
| Total comprehensive income attributable to: | ||
| Equity holders of the parent | 188,982,984 | 683,161,334 |
| Non-controlling interest | 2,816,105 | 3,583,749 |
| Basic earnings per share | ₦55.9 | ₦25.4 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
| In thousands of naira | 30-Sep-2025 | 31-Dec-2024 |
| Non-current assets | ||
| Property, plant, and equipment | 672,071,689 | 676,637,344 |
| Intangible assets | 1,008,720 | 1,251,000 |
| Financial assets | 60,343,531 | 43,288,424 |
| Investment in associate | 679,309,504 | 489,968,207 |
| Total non-current assets | 1,412,733,444 | 1,211,144,975 |
| Current assets | ||
| Inventories | 38,203,901 | 46,902,252 |
| Trade and other receivables | 93,290,468 | 68,753,253 |
| Prepayments | 1,206,400 | 332,982 |
| Financial assets | 764,055 | 496,045 |
| Cash and Bank | 411,832,899 | 422,206,116 |
| Total current assets | 545,297,723 | 538,690,648 |
| Total assets | 1,958,031,167 | 1,749,835,623 |
| Equities and Liabilities | ||
| Shareholders’ equity | ||
| Share capital | 2,172,422 | 2,172,422 |
| Share premium | 22,819,670 | 22,819,670 |
| Translation reserve | 908,328,848 | 967,474,872 |
| Fair value reserve of financial assets at FVOCI | 13,039,060 | 7,773,425 |
| Retained earnings | 542,487,149 | 395,210,352 |
| Non-controlling interest | 9,627,803 | 8,659,222 |
| Total shareholders’ equity | 1,498,474,952 | 1,404,109,963 |
| Non-current liabilities | ||
| Borrowings | 122,021,505 | 40,945,047 |
| Deferred tax liabilities | 45,072,153 | 53,351,684 |
| Decommissioning liabilities | 23,858,236 | 36,940,108 |
| Total Non-Current liabilities | 190,951,894 | 131,236,839 |
| Current liabilities | ||
| Trade and other payables | 128,566,596 | 120,852,179 |
| Contract liabilities | 470,444 | 2,780,114 |
| Taxation | 55,083,603 | 35,402,305 |
| Borrowings | 84,483,678 | 55,454,223 |
| Total Current liabilities | 268,604,321 | 214,488,821 |
| Total liabilities | 459,556,215 | 345,725,660 |
| Total equity & liabilities | 1,958,031,167 | 1,749,835,623 |
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
| In thousands of naira | 30-Sep-2025 | 30-Sep-2024 |
| Profit before taxation | 300,684,418 | 91,457,489 |
| Adjustments: | ||
| Interest expense | 21,391,449 | 11,537,805 |
| Interest income | (15,360,274) | (10,317,533) |
| Dividend received | (253,490) | (137,110) |
| Exchange (gain)/loss | (1,577,780) | 25,951,357 |
| Share of profit from associate | (139,185,265) | (23,596,359) |
| Loss on Financial Asset at FV through PorL | 4,079,995 | 1,604,072 |
| Depreciation of property, plant, and equipment | 93,924,001 | 69,002,180 |
| Provision no longer required | (13,202,805) | (63,883) |
| Gain on disposal of property, plant, and equipment | (46,259) | – |
| Bad debt written off | 320,249 | – |
| Stock adjustment | 17,268,713 | (27,323,852) |
| Operating cash flows before movement in working capital | 268,042,952 | 238,114,166 |
| Movement in working capital: | ||
| (Increase)/Decrease in trade and other receivables | (24,002,296) | 35,120,152 |
| (Increase)/Decrease in prepayments | (873,418) | (196,822) |
| (Increase)/Decrease in inventory | (8,570,362) | (4,511,203) |
| Increase in restricted cash | (1,911,586) | (9,809,928) |
| Increase/(Decrease) in trade, share-based payments, and other payables | 15,029,699 | (29,090,662) |
| Decrease in contract liabilities | (2,309,670) | (738,266) |
| Cash generated by operating activities | 245,405,319 | 228,887,437 |
| Tax paid | (39,998,827) | (15,388,370) |
| Net cash flows from operating activities | 205,406,492 | 213,499,067 |
| Investing activities | ||
| Interest received | 12,713,599 | 10,317,533 |
| Dividend received | 17,858,732 | 137,110 |
| Purchase of property, plant, and equipment | (116,539,945) | (78,789,790) |
| Proceeds from disposal of assets | 46,259 | – |
| Purchase of financial assets | (45,172,085) | (5,745,532) |
| Proceeds from liquidation of financial asset | 4,562,013 | – |
| Investment in Associate | (21,170,325) | – |
| Net cash used in investing activities | (147,701,752) | (74,080,679) |
| Financing activities | ||
| Dividend paid | (95,586,576) | (36,931,177) |
| Dividend paid to NCI holders | (1,847,524) | – |
| Interest paid | (11,622,893) | (7,224,663) |
| Repayment of borrowing | (94,365,761) | (23,013,857) |
| Additional borrowings | 148,959,577 | – |
| Net cash flows used in financing activities | (54,463,177) | (67,169,697) |
| Increase in cash and cash equivalents | 3,241,563 | 72,248,691 |
| Cash and cash equivalents – Beginning of year | 411,801,252 | 183,008,535 |
| Exchange rate effects on cash and cash equivalents | (15,526,366) | 202,480,097 |
| Cash and cash equivalents – End of year | 399,516,449 | 457,737,323 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2025 (US DOLLARS)
| In thousands of dollars | 30-Sep-2025 | 30-Sep-2024 |
| Revenue | 349,954 | 274,407 |
| Cost of sales | (197,598) | (114,743) |
| Gross profit | 152,356 | 159,664 |
| Other income | 9,128 | (11,607) |
| General and administrative expenses | (52,657) | (18,385) |
| Operating profit | 108,827 | 129,672 |
| Finance income | 9,977 | 7,617 |
| Finance costs | (13,894) | (8,440) |
| Net Finance cost | (3,917) | (823) |
| Share of profit of an associate | 90,400 | 16,487 |
| Profit before taxation | 195,310 | 145,336 |
| Tax expense | (36,086) | (56,511) |
| Profit after taxation | 159,224 | 88,825 |
| Profit attributable to: | ||
| Equity holders of the parent | 157,755 | 88,579 |
| Non-controlling interest | 1,469 | 246 |
| 159,224 | 88,825 | |
| Other comprehensive income: | ||
| Net gain on equity instruments at fair value through other comprehensive income | 3,212 | 27 |
| Other comprehensive income for the year, net of tax | 3,212 | 27 |
| Total comprehensive income for the year | 162,436 | 88,852 |
| Total comprehensive income attributable to: | ||
| Equity holders of the parent | 160,967 | 88,606 |
| Non-controlling interest | 1,469 | 246 |
| Basic earnings per share | $0.036 | $0.020 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025 (US DOLLARS)
| In thousands of dollars | 30-Sep-2025 | 31-Dec-2024 |
| Non-current assets | ||
| Property, plant, and equipment | 455,687 | 440,715 |
| Intangible assets | 684 | 815 |
| Financial assets | 40,915 | 28,196 |
| Investment in associate | 460,597 | 319,131 |
| Total non-current assets | 957,883 | 788,857 |
| Current assets | ||
| Inventories | 25,903 | 30,547 |
| Trade and other receivables | 63,252 | 44,780 |
| Prepayments | 819 | 218 |
| Financial assets | 518 | 323 |
| Cash and Bank | 279,235 | 274,994 |
| Total current assets | 369,727 | 350,862 |
| Total assets | 1,327,610 | 1,139,719 |
| Equities and Liabilities | ||
| Shareholders’ equity | ||
| Share capital | 19,316 | 19,316 |
| Share premium | 78,955 | 78,955 |
| Fair value reserve of financial assets at FVOCI | 9,218 | 6,006 |
| Retained earnings | 901,456 | 803,446 |
| Non-controlling interest | 6,528 | 6,258 |
| Total shareholders’ equity | 1,015,473 | 913,981 |
| Non-current liabilities | ||
| Borrowings | 83,299 | 27,237 |
| Deferred tax liabilities | 30,560 | 34,749 |
| Decommissioning liabilities | 16,177 | 24,060 |
| Total Non-Current liabilities | 130,036 | 86,046 |
| Current liabilities | ||
| Trade and other payables | 87,150 | 78,703 |
| Contract liabilities | 319 | 1,811 |
| Taxation | 37,349 | 23,059 |
| Borrowings | 57,283 | 36,119 |
| Total Current liabilities | 182,101 | 139,692 |
| Total liabilities | 312,137 | 225,738 |
| Total equity & liabilities | 1,327,610 | 1,139,719 |
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 (US DOLLARS)
| In thousands of dollars | 30-Sep-2025 | 30-Sep-2024 |
| Profit before taxation | 195,310 | 145,336 |
| Adjustments: | ||
| Interest expense | 13,894 | 8,440 |
| Interest income | (9,977) | (7,617) |
| Dividend received | (181) | (98) |
| Exchange (gain)/loss | (1,026) | 18,133 |
| Share of profit from associate | (90,400) | (16,487) |
| Loss on Financial Asset at FV through PorL | 2,650 | 1,159 |
| Depreciation of property, plant, and equipment | 61,003 | 48,213 |
| Provision no longer required | (8,575) | (40) |
| Gain on disposal of equipment | (30) | – |
| Bad debt written off | 208 | – |
| Stock adjustment | 11,216 | (18,970) |
| Operating cash flows before movement in working capital | 174,092 | 178,069 |
| Movement in working capital: | ||
| (Increase)/Decrease in trade and other receivables | (18,123) | 48,017 |
| (Increase)/ Decrease in prepayments | (601) | (82) |
| (Increase)/Decrease in inventory | (6,572) | 6,869 |
| Increase in restricted cash | (1,574) | (470) |
| Increase/(Decrease) in trade, share-based payment, and other payables | 7,614 | (25,779) |
| Decrease in contract liabilities | (1,492) | (1,324) |
| Cash generated by operating activities | 153,344 | 205,300 |
| Tax paid | (25,979) | (10,752) |
| Net cash flows from operating activities | 127,365 | 194,548 |
| Investing activities | ||
| Interest received | 8,258 | 7,617 |
| Dividend received | 11,615 | 98 |
| Purchase of property, plant, and equipment | (75,692) | (49,212) |
| Proceeds from disposal of equipment | 30 | – |
| Purchase of financial assets | (29,339) | (3,595) |
| Proceeds from liquidation of financial asset | 2,963 | – |
| Investment in associate | (13,750) | – |
| Net cash used in investing activities | (95,915) | (45,092) |
| Financing activities | ||
| Dividend paid | (59,745) | (26,357) |
| Dividend paid to NCI holders | (1,199) | – |
| Interest paid | (7,549) | (5,320) |
| Repayment of borrowing | (61,290) | (16,080) |
| Additional borrowings | 101,000 | – |
| Net cash flows used in financing activities | (28,783) | (47,757) |
| Increase in cash and cash equivalents | 2,667 | 101,699 |
| Cash and cash equivalents – Beginning of year | 268,217 | 203,493 |
| Exchange rate effects on cash and cash equivalents | – | (19,289) |
| Cash and cash equivalents – End of year | 270,884 | 285,903 |
About Aradel Holdings Plc
Aradel Holdings Plc (“Aradel Holdings” or “the Company”) is Nigeria’s foremost integrated independent energy company, delivering critical energy solutions in a sustainable and responsible way. Aradel Holdings was incorporated on 25 March 1992 (as the Midas Drilling Fund), changed its name to Niger Delta Exploration and Production Plc in November 1996, assumed its current name in May 2023, and was listed on the main board of the NGX on 14 October 2024.
The Company operates through its subsidiaries and an affiliate company:
- Aradel Energy Limited (100%), a wholly owned subsidiary of Aradel Holdings, as well as the Operator of the Ogbele (PML 14), Omerelu (PPL 247), Olo and Olo West Marginal Fields, as well as OPL 227 joint venture (subject to NUPRC approval). Established to explore and harness opportunities in the energy industry
- Aradel Gas Limited (100%), the only Nigerian independent Non-JV Gas Supplier to Bonny LNG. Established to leverage investment opportunities in the gas sector. Has 100mmscf/d gas processing facility.
- Aradel Investments Limited (100%), a wholly owned subsidiary established to hold and manage the Group’s non-oil & gas assets. Established to hold the Company’s non-oil and gas investments.
- Aradel Refineries Limited (95%), a 3-train 11kbbl/d independent operating midstream refinery. Produces AGO, DPK, MDO, HFO and Naphtha.
- ND Western Limited (41.67%), an independent Nigerian oil and gas exploration and production company comprising four leading industry players with four limited liability companies (being Aradel Energy, Petrolin, First Exploration & Petroleum Development Company, and Waltersmith Petroman Oil) as shareholders.
- Renaissance Africa Energy Holdings, a 33.34% total equity holding made up of
- A direct holding of 12.5% and
- Through ND Western, an indirect holding of 20.84%
For further information please refer to our website: https://www.aradel.com
For Enquiries:
| Aradel Holdings Plc | |
| Adegbola Adesina, Chief Financial Officer | |
| Ilobekemen Idiake, Investor Relations Manager | [email protected] |
| Vaerdi Investor Relations | |
| Oluyemisi Lanre-Philips | [email protected] |
