Aradel Holdings Plc says it has recorded N581.2 billion revenue for the financial year ended Dec. 31, 2024.
This is represents an increase of 162.8 per cent compared with N221.1 billion recorded in 2023.
Aradel Holdings unveiled this in a corporate disclosure through the Nigerian Exchange Ltd., on Friday.
The company’s profit before tax also grew by 182.4 per cent from N112.2 billion in 2023 to N316.8 billion in 2024, while its profit after tax rose by 382.1 per cent from N53.7 billion to N259.1 billion.
Aradel Holdings also declared a final dividend of N22 per share.
Mr Adegbite Falade, Chief Executive Officer of Aradel Holdings Plc, said the organisation delivered exceptional operational and financial performance in 2024, with revenue rising by 162.8 per cent to N581.2 billion.
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He said, “This remarkable growth was primarily driven by increase in export crude oil revenue, which accounted for over 64 per cent of total revenue.
“The surge was supported by higher production levels, improved utilisation of the Trans Niger Pipeline (TNP), and additional value captured through the Alternative Crude Evacuation (ACE) system.
“We completed the acquisition of the Olo and Olo West Marginal Fields from the TotalEnergies/NNPC Joint Venture and secured a 5.14 per cent equity stake in Chappal Energies Mauritius Ltd., an energy investment company focused on deep-value and brownfield upstream opportunities across Africa.
“Additionally, we are pleased to report the successful completion of Renaissance’s acquisition of Shell Petroleum Development Company of Nigeria (SPDC), a landmark transaction that further strengthens our asset base and enhances long-term value creation.”
Falade noted that in line with the company’s growth strategy, the company successfully completed its Phase 1, four-well turnkey drilling campaign, delivering positive results.
He said that the commencement of Phase 2 drilling with Well 16 signals continued progress in Aradel’s development and production activities.
He explained that the company increased its throughput capacity for evacuation channels, enabling Aradel to maintain strong production levels and enhance operational efficiency to support growth.
“Our listing on Nigerian Stock Exchange (NGX) on the 14th of October 2024 further underscored our growth trajectory, improved share liquidity and advances our commitment to delivering long-term value to shareholders.” he said.
