Aradel Holdings Plc has released its audited 2025 results for the period ended December 31, 2026, reporting pre-tax profit of N835.0 billion for FY 2025, up 163.60% from N316.8 billion in FY 2024.
The strong bottom line can be attributed to stronger earnings and non-recurring gains tied to its ND Western and Renaissance transactions.
Reflecting this performance, the Board recommended a final dividend of N23.00 per share, bringing the total dividend for the 2025 financial year to N33.00 per share.
The final dividend, subject to shareholders’ approval and applicable withholding tax, will be paid on July 31, 2026, to shareholders whose names appear in the Register of Members as at the close of business on July 9, 2026.
Key Highlights (FY 2025 vs FY 2024)
- Revenue: N699.43 billion, up 20.35% YoY
- Gross Profit: N308.21 billion, down 13.55% YoY
- Operating Profit: N733.58 billion, up 151.74% YoY
- Earnings Per Share: N173.62, Up 192.54% YoY
- Crude oil and condensate production: 5.2 million barrels, up 3% YoY
- Volumes of crude lifted: 4.1 million barrels, up 32% YoY
- Gas production volume: 18.8 Bcf, up 59% YoY
- Average daily gas production: 51.4 mmscf/day, up 59% YoY
- Volume of refined products sold: 302.9 million liters, up 26% YoY
- Refined product output: 313.4 million litres, up 18% YoY
- Refinery utilization: 49%, Up from 40% in FY 2024
- Average realised gas price: $1.52/mscf, down from $1.66/mscf in FY 2024
- Total Assets: N9.90 trillion, up 465.55% YoY
- Total Equity: N2.15 trillion, up 53.00% YoY
- Cash and Cash Equivalents: N1.50 trillion, up 265.39% YoY
- Total Borrowings: N2.00 trillion, up 1,978.24% YoY
Management commentary:
Commenting on the results, CEO Adegbite Falade said 2025 was
- “a defining year,” adding that Aradel delivered “record revenue and profitability” while executing its most transformational expansion.
He also noted that the full earnings contribution from NDW and Renaissance will be reflected from 2026 onwards.
Driving the numbers
Aradel’s revenue growth was supported by all three operating segments, with crude oil remaining the largest contributor.
- Crude oil exports rose 18% to N440.1 billion and accounted for 63% of total revenue, supported by higher production volumes and reliable evacuation through the Trans Niger Pipeline and Alternative Crude Evacuation system.
- Refined products revenue increased 18% to N210.8 billion, contributing 30% of total revenue, as sales volume rose 26% to 302.9 million litres.
- Gas revenue recorded the strongest segment growth, rising 72% to N48.6 billion and contributing 7% of total revenue, supported by higher production volumes despite lower realised gas prices.
However, gross profit declined despite higher revenue, as the cost of sales rose sharply to N391.2 billion from N224.6 billion. This weighed the gross margin and explained why gross profit fell 13.55% YoY even though revenue expanded.
The major lift to earnings came below the gross profit line. Operating profit rose to N733.6 billion, largely due to two non-recurring accounting gains linked to the ND Western and Renaissance business combinations: a N217.1 billion gain on bargain purchase and a N393.2 billion translation gain on business combination.
- Share of profit from associates also rose 246% to N109.5 billion, further supporting pre-tax profit.
Cost pressure remained visible as finance costs increased to N26.5 billion from N22.2 billion, while general and administrative expenses increased to N93.1 billion from N56.2 billion.
The company also recorded non-recurring items including a N40.2 billion crude overlift stock adjustment, a N25.5 billion one-off royalty provision, and N48.5 billion of LTIP-related staff costs.
Balance sheet
The balance sheet expanded significantly following the consolidation of ND Western’s assets and liabilities and the carrying value of Aradel’s effective interest in Renaissance.
- Total assets rose to N9.9 trillion, while cash and cash equivalents increased to N1.50 trillion.
Net cash from operating activities, however, moderated to N179.7 billion from N311.9 billion, reflecting timing of settlements and working capital movements.
Market reaction
Aradel began the year at N670.00 and closed last trading at N1,70, reflecting 161% year-to-date.
