Aradel Holdings Plc Doubles Revenue in Q1 2025, Reports ₦34.2 Billion Profit After Tax

Aradel Holdings Plc, Nigeria’s leading integrated indigenous energy company, has announced a strong start to 2025, reporting unaudited first quarter results showing a 97.6% jump in revenue to ₦199.9 billion and a 55.3% increase in profit after tax to ₦34.2 billion.

The performance was largely driven by a surge in crude oil production and sales. Crude production rose by 12.1% to 15,030 barrels per day, while revenue from export crude soared by 222.3% to ₦142.1 billion, supported by increased utilization of the Trans Niger Pipeline and improved crude evacuation systems.

Refined products revenue also rose 6.2% to ₦53.3 billion on the back of a 26.0% increase in volumes sold. However, gas revenue fell 35.5% due to pipeline disruptions that have since been resolved.

Commenting on the results, Aradel’s CEO, Mr. Adegbite Falade, said, “Aradel’s Q1 performance is in line with our desire to build on the momentum generated in 2024. Our increased crude production, coupled with strategic expansion, positions us strongly for the rest of the year.”

During the quarter, Aradel invested heavily, including a ₦20.9 billion investment in Renaissance Africa Energy Holdings, following the acquisition of Shell Petroleum Development Company of Nigeria (SPDC) by the Renaissance consortium, where Aradel now holds a 33.34% equity stake.

Despite a challenging forex environment—with the naira averaging ₦1,521.07 to $1 in Q1—Aradel maintained robust profitability, recording an operating profit of ₦63.6 billion, up 79.1% from the previous year.

Aradel’s shareholders are also reaping rewards from the company’s growth, with the board recommending a final dividend of ₦22 per share, following an interim dividend of ₦8 per share declared in November 2024. Combined, this represents a 200% increase over the 2023 dividend payout.

The company’s total assets rose 4.7% year-to-date to ₦1.8 trillion, reflecting the impact of new investments and operational growth, while total equity grew 2.6% to ₦1.44 trillion.

Aradel operates through subsidiaries such as Aradel Energy Limited, Aradel Gas Limited, and Aradel Refineries Limited, and maintains significant stakes in ND Western and Renaissance Africa Energy Holdings, further strengthening its footprint in Nigeria’s energy sector.