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Aradel Announces N123.1bn for Year Ended September ‘23

By Benjamin Ike

Aradel Holdings, a publicly owned integrated indigenous energy company, has announced its unaudited results for the period ended 30th September 2023. Aradel was incorporated on March 25th 1992 as the Midas Drilling Fund and subsequently renamed Niger Delta Exploration and Production Plc in November 1996. It switched to its current name in May 2023.

Since commencement, the company has been responsible for investments opportunities in the oil and gas sectors, serving as operator of the Ogbele joint venture and pursuing NDEP’s property interests.

In summary, the CEO/MD, Mr Adegbite Falade, reflects that the first nine months of 2023 have been a period of significant growth and progress for the company despite the challenging macro-economic environment. The company not only experienced an increase in revenue but also recorded some losses due to foreign exchange volatility and a formal devaluation of the Naira. Nevertheless, the significant increase in profit despite the higher depreciation and exchange losses, demonstrates the underlying strength of the operations and growth strategy of Aradel Holdings Plc.

Revenues increased by 238.8% to 123.0 billion naira which was driven by Crude Oil Revenue(45.5% of Total Revenue), Gas Revenue (67.8% increase), an 86.7% increase in refined products and an average realized price of US$96.7 per bbl from Crude Oil operations (refining plus crude export).

Aradel Holdings Plc reports revenues of 123.1 billion naira for nine months ended 30th September 2023, up 238.8% year-on-year.

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