Aradel Holdings, a fully integrated energy company, has experienced a remarkable 476 percent increase in after-tax profit, reaching N110.6 billion, due to revenue diversification, as shown by BusinessDay analysis.
According to Adegbite Falade, the CEO of Aradel Holdings Plc, these results were achieved through significant operational and financial improvements in 2023. The company successfully diversified its revenue streams by enhancing hydrocarbons production and increasing output from refinery operations.
Aradel Holdings saw its revenue grow from N123 billion to N377.6 billion during the comparable periods. Wells 14 and 15 were drilled, yielding positive results and concluding the firm’s Phase 1, 4-well turnkey drilling campaign.
The company also expanded the throughput capacity of its evacuation channels to accommodate the expected incremental volumes. Furthermore, the acquisition of the Olo and Olo West Marginal Fields from the TotalEnergies/NNPC Joint venture will enhance the company’s portfolio and create new opportunities for future production growth.
In addition, Aradel Holdings Plc has entered into an agreement to acquire a 5.14 percent equity interest in Chappal Energies Mauritius Limited (Chappal), an energy company focusing on investments in deep value and brownfield upstream opportunities within Africa. Chappal recently acquired Equinor Nigeria Energy Company Limited (ENEC), which holds a significant ownership stake in oil and gas lease OML 128, including a stake in the Agbami oil field.
The board has proposed the payment of an interim dividend of N8 per share, subject to appropriate withholding tax. This dividend will be paid to shareholders whose names appear in the Register of Shareholders as at the close of business on 20 November 2024.
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