…Announces a 200% increase in dividends per share
…Crude oil production of 15,030 bbls/day up 12.1% (Q1 2024: 13,402 bbls/day)
…Gas production of 19.5 mmscfd (3,447 boepd) down by 48.7% (Q1 2024: 38.0 mmscfd (6,678
boepd))
TUE APRIL 29 2025-theGBJournal| Aradel Holdings Plc, Nigeria’s leading integrated indigenous energy company on Monday, reported significant growth in earnings, driven by increased revenue from crude oil export.
Aradel posted adjusted revenue of N199.9 billion in Q1 2025, a 97.6% increase from Q1 2024: N101.2 billion), helped by 222.3% increase in export crude oil revenue (71.1% of total revenue) to N142.1 billion (Q1 2024 N44.1 billion; 43.6% of total).
The increased production levels came as a result of the improved utilization of the Trans Niger Pipeline (TNP), minimal crude losses and additional value from the Alternative Crude Evacuation (ACE) system, all of which resulted in higher crude oil sales of 1.2 mbbls in Q1 2025 (Q1 2024: 0.39 mbbls).
The company saw a 6.2% increase in refined products’ revenue (26.7% of total revenue) which went to N53.3 billion (Q1 2024: N50.2 billion; 49.7% of total revenue), due to increased sales volumes of 75.5 mmltres, up by 26.0% (Q1 2024: 59.9 mmltres).
Gas pipeline disruptions which pushed gas revenue down 35.5% to N4.4 billion had a marginal impact on the company’s bottomline.
Aradel announced a 200% increase in dividends per share after posting a Profit after tax increase of 55.3% to N34.2 billion (Q1 2024: N22.0 billion).
Its Total equity now stands at N1.44 trillion (FY 2024: N1.40 billion), a 2.6% increase driven primarily by the retention of total comprehensive income over the period.
The company equally saw a year-to-date growth in total assets to N1.8 trillion (FY 2024: N1.7 billion) or of 4.7% rise, attributable to the completion of Renaissance Africa Energy Holdings acquisition of the entire (100%) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC) in Q1 2025.
Aradel holds a total equity stake of 33.3% (12.5% direct stake and 20.8% through ND Western’s 50% equity stake) in Renaissance.
The value of assets of ND Western, the Company’s associate, increased to N495.2 billion, up 1.1% year-to-date (FY 2024: N490.0 billion) due to share of profit and other comprehensive income for the period.
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