Aradel Holdings Plc, an indigenous energy company, has announced a remarkable increase in its crude oil and gas production during the first quarter of 2024. Crude oil production surged by 36% to 13,250 barrels per day, while gas production rose to 36.8 million standard cubic feet per day, marking a 36% increase from the previous year’s average.
Despite a slight decrease in refined petroleum products volume, Aradel reported impressive financial performance for Q1 2024. Revenues saw a substantial 90% increase, while Profit Before Tax surged by 62% compared to the same period in 2023, both measured in Functional USD.
Chairman Ladi Jadesimi attributed the company’s success to strategic initiatives implemented in 2022 and new measures undertaken in 2023. Notably, the Alternative Crude Evacuation system optimized in 2022 contributed to safer crude evacuation and reduced crude loss, enhancing overall operational efficiency.
Aradel’s outstanding financial results for 2023 underscored its growth trajectory, with revenue soaring by 234.5% to N221.1 billion ($342.3 million) and Profit After Tax increasing by 254.9% to N53.7 billion ($69.1 million). Reflecting this robust performance, shareholders approved a final dividend of N170 per share at the Annual General Meeting.
CEO Adegbite Falade credited the company’s success to a combination of strategic initiatives, experienced board leadership, and a dedicated workforce. Looking ahead, Falade expressed confidence in Aradel’s continued growth, as indicated by its Q1 2024 unaudited accounts, highlighting sustained operational and financial strength.
Source: Punch