Aradel Profit Jumps 252% as Group Expansion Drives Record Q1 Performance

June 23, () — Aradel Holdings Plc recorded a strong start to 2026, reporting a 252 percent increase in profit after tax to ₦120.3 billion and a 265 percent surge in revenue to ₦728.5 billion in the first quarter, driven by the first full-quarter consolidation of ND Western Limited and its majority interest in Renaissance Africa Energy Company Limited.

The results mark the first reporting period reflecting the earnings and cash flows of the enlarged group following the completion of strategic acquisitions that significantly expanded Aradel’s asset base and production capacity.

According to the company, production more than tripled during the quarter to 12.9 million barrels of oil equivalent, while cash generated from operations rose 27-fold to ₦868.3 billion.

Commenting on the performance, Chief Executive Officer, Adegbite Falade, described the quarter as an important milestone for the company, noting that the results demonstrate the strength of Aradel’s diversified portfolio across upstream oil and gas, gas processing, and refining operations.

He said the company would focus on optimizing its expanded asset base, improving operational efficiency, increasing production, and diversifying revenue streams for the remainder of the year.

The strong earnings performance follows a record 2025 financial year in which Aradel reported a 55 percent rise in profit after tax to ₦401.2 billion, supported by growth across its upstream, gas, and refining businesses as well as increased contributions from associates.

Aradel’s transformation over the past year has been largely driven by acquisitions.

The company increased its stake in ND Western to 81.67 percent, a move that also strengthened its exposure to Renaissance Africa Energy Company, where it now holds an effective 53.3 percent equity interest.

The group’s balance sheet showed total non-current assets of ₦6.19 trillion as of March 2026, compared with ₦6.50 trillion a year earlier, while current assets stood at ₦2.87 trillion against ₦3.39 trillion in the corresponding period.

With the enlarged group now fully reflected in its financial statements, investors are expected to closely monitor how Aradel converts its expanded production profile and asset base into sustained earnings growth over the rest of 2026.