Aradel’s full-year profit grows 4 times on increased oil output

Aradel Holdings Plc posted a net income of N247.8 billion (~$164 million) for the 2024 financial year, more than three times greater than the N53.7 billion ($84 million) recorded in 2023.

According to the group’s unaudited financial statement for 2024, the group recorded a revenue of N581 billion. Its crude oil revenue made up more than 64 percent of the total revenue with N373.7 billion. The group’s revenue for FY 2024 more than doubled the N221.1 billion revenue posted in FY 2023.

Read also: Five key highlights from Aradel Holdings’ financials

Aradel which is one of the few players in the upstream, midstream, and downstream sectors of the oil industry also made considerable income from its refining operations. The group made N179.3 billion from its refinery, a significant uptick from the N102.5 billion made in 2023. The group’s gas operations also made N28 billion from its gas operations, which is about 175 percent greater than the N10.2 billion revenue accrued from gas in 2023.

Within the year, Aradel’s assets grew by 89 percent, from N923.4 billion to N1.74 trillion, as the group undergoes rapid expansion. During the year, Aradel’s fixed asset additions hit N131.7 billion, a stark contrast with the N45.8 billion capital expenditure recorded in 2023.