Aradel Holdings Plc Reports 2024 Full-Year Audited Results
- Revenue: ₦581.2 billion, up 162.8%
- Profit After Tax: ₦259.1 billion, up 382.1%
- Final Dividend: ₦22 per share
Lagos, Nigeria – Aradel Holdings Plc (“Aradel” or “the Group”), Nigeria’s leading integrated indigenous energy company, has announced its audited financial results for the year ended December 31, 2024.
Financial Highlights
| Metric | FY 2024 (₦ billion) | FY 2023 (₦ billion) | Variance (%) |
|---|---|---|---|
| Revenue | 581.2 | 221.1 | 162.8% |
| Gross Profit | 356.5 | 142.3 | 150.5% |
| Operating Profit | 291.4 | 114.1 | 155.5% |
| Operating Profit Margin | 50.14% | 51.58% | (143bps) |
| EBITDA | 372.0 | 129.3 | 187.6% |
| EBITDA Margin | 64.02% | 58.49% | 553bps |
| Profit Before Tax | 316.8 | 112.2 | 182.4% |
| Profit After Tax | 259.1 | 53.7 | 382.1% |
| Earnings per Share (₦) | 59.35 | 12.37 | 388.9% |
| Operating Cash Flow | 311.9 | 139.0 | 124.4% |
| Capital Expenditure | 136.8 | 48.9 | 179.9% |
| Free Cash Flow | 175.1 | 90.1 | 94.3% |
| Total Assets | 1,749.8 | 923.4 | 89.5% |
| Total Equity | 1,404.1 | 704.6 | 99.3% |
Operational Highlights
- Crude Oil Production: 13,751 bbls/day, up 41.2% (FY 2023: 9,739 bbls/day)
- Gas Production: 32.4 mmscfd (5,717 boepd), up 21.9% (FY 2023: 26.6 mmscfd, 4,691 boepd)
- Refined Petroleum Sales: 240.5 million litres, up 14.5% (FY 2023: 210.1 million litres)
- Average Realized Crude Oil Price: $82.3 per barrel (FY 2023: $80.0)
- Average Realized Gas Price: $1.7 per mscf (unchanged)
CEO’s Statement
Mr. Adegbite Falade, CEO of Aradel Holdings Plc, commented:
“2024 has been a year of outstanding growth and operational excellence for Aradel Holdings. Our revenue surged by 162.8% to ₦581.2 billion, primarily driven by a 244.6% increase in export crude oil revenue. This was supported by enhanced production levels, improved utilization of the Trans Niger Pipeline (TNP), and additional value from the Alternative Crude Evacuation (ACE) system.”
“We also successfully completed key strategic acquisitions, including the Olo and Olo West Marginal Fields from the TotalEnergies/NNPC JV, and secured a 5.14% equity stake in Chappal Energies Mauritius Limited. Additionally, Renaissance’s acquisition of Shell Petroleum Development Company of Nigeria (SPDC) marked a significant milestone, further strengthening our asset base.”
“Our successful four-well drilling campaign and listing on the Nigerian Stock Exchange (NGX) on October 14, 2024, reinforce our commitment to long-term value creation for our shareholders.”
Financial Performance Review
Revenue Growth Drivers
- Export Crude Oil Revenue: ₦373.7 billion (+244.6%)
- Gas Revenue: ₦28.2 billion (+175.9%)
- Refined Products Revenue: ₦179.3 billion (+74.9%)
Cost of Sales (COS)
Increased by 185.0% to ₦224.6 billion (FY 2023: ₦78.8 billion), primarily due to:
- Crude Handling Charges: ₦95.3 billion (+232.0%)
- Depreciation: ₦78.2 billion (+434.2%)
- Royalties & Other Statutory Expenses: ₦58.4 billion (+229.9%)
General & Administrative Expenses
Increased by 176.1% to ₦56.2 billion (FY 2023: ₦20.4 billion), driven by:
- Staff Costs: ₦20.5 billion (+340.5%)
- Technology & Subscription Expenses: ₦8.6 billion (+139.0%)
- Professional Fees: ₦5.5 billion (+177.7%)
Profitability & Cash Flow
- Operating Profit: ₦291.4 billion (+155.5%)
- Profit Before Tax: ₦316.8 billion (+182.4%)
- Profit After Tax: ₦259.1 billion (+382.1%)
- Net Cash from Operating Activities: ₦311.9 billion (+124.4%)
- Net Cash Used in Investing Activities: ₦128.7 billion (+185.8%)
Balance Sheet Strength
- Total Assets: ₦1.7 trillion (+89.5%)
- Total Liabilities: ₦345.7 billion (+58.0%)
- Total Equity: ₦1.4 trillion (+99.3%)
Looking Ahead
Aradel Holdings remains committed to expanding its energy portfolio, optimizing production efficiency, and maximizing shareholder value. The company is well-positioned to capitalize on new opportunities in Nigeria’s evolving energy landscape, leveraging its strong financial position and strategic partnerships to drive sustained growth.
For further information, visit www.aradelholdings.com
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About Aradel Holdings Plc
Aradel Holdings Plc is a leading indigenous energy company in Nigeria, engaged in crude oil exploration, production, refining, and gas processing. The company is dedicated to operational excellence, innovation, and delivering value to stakeholders in the energy sector.
