Nigeria's foremost Online Energy News Platform

Aradel Holdings Plc Releases 2023 Annual Report and Accounts, Highlights Stellar Performance

By William Emmanuel Ukpoju

Aradel Holdings Plc, a leading integrated indigenous energy company in Nigeria, has released its 2023 Annual Report and Accounts, showcasing an unprecedented performance in its operations and financial output.

According to the report, the company achieved a stellar financial performance, with a revenue of ₦234.5 billion, representing a 25% increase from the previous year. The company’s profit after tax stood at ₦54.2 billion, a significant increase of 30% from the previous year.

The company’s Chief Executive Officer/Managing Director, Adegbite Falade, attributed the success to calculated moves aimed at enhancing value creation, realization, and preservation across its business segments.

“We are determined to continue on this path of operational excellence and value maximization in 2024,” Falade said.

The company’s upstream subsidiary, Aradel Energy, invested ₦12.5 billion in infrastructure, including the Ogbele Gas Processing Plant, which enables the company to develop and monetize its gas resources and contribute to domestic gas supply.

Through its 11,000bbls/d Refinery, the company increased domestic refining capacity, supplying 350,000 metric tons of refined products to meet local demand, valued at ₦70 billion.

The company has consistently paid dividends to its over 1,000 shareholders for 17 years, with a total dividend pay-out of ₦15.5 billion in 2023.

Aradel Holdings Plc is a leading integrated indigenous energy company in Nigeria, with interests in multiple oil and gas assets. The company is committed to operational excellence, value maximization, and environmental stewardship, with a vision of becoming a truly indigenous public oil company.