The revenue of Aradel Holdings, an integrated energy company in Nigeria, more than tripled in the first nine months of 2023.
According to the latest company’s financial statements, its revenue rose by 238.8 percent to N123.1 billion in the first nine months of this year from N36.3 billion in the same period of 2022.
“The first nine months have been a period of significant progress and growth for our company, despite the challenging macro-economic environment,” Adegbite Falade, chief executive officer/MD at Aradel Holdings, said.
He said the company commenced production in two new wells (Well-12 and Well-13) during the period, which has significantly boosted our crude oil and gas production.
“This, coupled with an increase in refined product output, has led to a year-on-year increase in our overall production volumes. Our revenue for the period increased by 238.8 percent, reflecting the higher production, the combined utilisation of the Trans Niger Pipeline and the Alternative Crude Evacuation channel, as well as improved revenues from the refinery,” he added.
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According to Falade, the growth in revenue is a testament to the effectiveness of our strategic initiatives allied with the company’s focus on execution.
“We also experienced exchange losses due to foreign exchange volatility and a formal devaluation of the naira, symptomatic of the general business environment. These have, however, been offset by our increased operational performance and strong revenue growth. I am delighted to report that our profit after tax increased by 170.1 percent during the period.
“This significant increase in profitability, despite the higher depreciation and exchange losses, demonstrates the underlying strength of our operations and the success of our growth strategy,” he added.
The company’s profit also rose by 170.1 percent to N19.2 billion from N7.1 billion. And total assets grew by 70.1 percent to N805.1 billion, driven by property/equipment acquisition, investment in associate assets, as well as financial assets.
