Yemisi Izuora
Aradel Holdings Plc, Nigeria’s leading integrated indigenous energy company,
has released its full year financial report for 2024 showing a leap of revenue earnings which rose to N581.2 billion representing 162.8 per cent.
The Company also reported Profit after Tax of ₦259.1 Billion, up by 382.1 per cent with final dividend of ₦22 per Share.
Commenting on the performance, Chief Executive Officer of Aradel Holdings Plc, Mr. Adegbite Falade, said, “Aradel Holdings Plc delivered exceptional operational and financial performance in 2024, with revenue rising by 162.8% to ₦581.2 billion. This remarkable growth was primarily driven by increase in export crude oil revenue, which accounted for over 64% 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.
The firm has also 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 Limited, an energy investment company focused on deep-value and brownfield upstream opportunities across Africa.
Additionally, Aradel has successfully completed the 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.
In line with its growth strategy, it successfully completed the Phase 1, four-well turnkey drilling campaign, delivering positive results.
The commencement of Phase 2 drilling with Well 16 signals continued progress in Aradel’s development and production activities.
To support this growth, the firm has expanded its throughput capacity for evacuation channels, positioning Aradel to sustain strong production levels and operational efficiency.
The listing on Nigerian Stock Exchange (NGX) on the 14th of October 2024 further underscored the Company’s growth trajectory, improved share liquidity and advances commitment to delivering long-term value to shareholders.