Update shared on 02 Nov 2025
Fair value Increased 7.14%ARADEL HOLDINGS PLC – Robust 9M 2025 Performance as Earnings and Shareholder Returns Strengthen; Interim Dividend Raised to ₦10.00
Aradel Holdings Plc delivered another strong operational and financial performance in 9M 2025, demonstrating resilience across its integrated energy portfolio and reinforcing shareholder value creation through a higher interim dividend. The Group sustained stable production growth across crude oil, gas, and refined products, supported by enhanced infrastructure reliability, improved operational efficiency, and increased contributions from associate companies.
Key Highlights (9M 2025 vs 9M 2024)
Metric 9M 2025 9M 2024 YoY Change
Revenue ₦538.8bn ₦377.6bn +43%
EBITDA ₦261.4bn ₦238.1bn +10%
Operating Profit ₦167.5bn ₦169.1bn −1%
Profit Before Tax ₦300.7bn ₦191.5bn +57%
Profit After Tax ₦245.1bn ₦110.6bn +122%
EPS ₦55.90 ₦25.40 +120%
Interim Dividend ₦10.00 ₦8.00 +25%
Operational Volumes
- Crude oil: 15.3kbbls/day (+25%)
- Gas: 50.6mmscf/day (+41%)
- Refined products: 235.7m litres (+40%)
Balance Sheet
- Total Assets: ₦1.96tn (+12%)
- Equity: ₦1.50tn (+7%)
- Borrowings: ₦206.5bn (+114%)
- Cash & Bank: ₦411.8bn
Performance Summary
Revenue & Profitability
Aradel’s top-line improved 43% YoY to ₦538.8bn, driven by higher production levels across upstream and downstream segments. EBITDA grew 10% to ₦261.4bn despite higher operating costs, reflecting strong cash-generative capacity and pricing resilience.
Operating profit remained stable at ₦167.5bn (-1% YoY), largely impacted by increased maintenance spend, statutory obligations, and staff costs from the share-based compensation program.
Net Income
Strong operational delivery and higher associate contributions led to a 57% rise in PBT to ₦300.7bn, while PAT surged 122% YoY to ₦245.1bn due to improved tax efficiency and higher earnings.
EPS grew 120% to ₦55.90 per share, translating into improved returns for shareholders.
Operational Review
Upstream – Crude Oil
- Crude output rose to 15.3kbpd (+25% YoY)
- Supported by Ogbele, Omerelu and enhanced well optimization
- ACE and TNP evacuation systems ensured strong evacuation reliability
Gas Business
- Gas volumes rose to 50.6mmscf/day (+41% YoY)
- Highest-ever peak rate of ~73mmscf/d
- Major contributor to domestic energy supply reliability
Refinery Business
- Refined output increased 40% YoY to 235.7m litres
- AGO & Naphtha made up majority of product mix
- Completion of Ever Depot acquisition strengthens logistics and storage capacity
Balance Sheet & Liquidity
Aradel recorded ₦411.8bn in cash reserves, maintaining a healthy liquidity buffer despite higher borrowings used for strategic expansion. Net debt position remains manageable relative to cash-generating capability.
Borrowings rose to ₦206.5bn (+114% YoY) driven by strategic acquisitions (SPDC & Chappal Energies stakes) and accelerated drilling & refinery upgrades.
Dividend & Shareholder Value
The Board approved an interim dividend of ₦10.00 per share (+25% YoY), reflecting confidence in earnings sustainability and a disciplined capital allocation framework.
Dividend qualification closes 20 November 2025, payment date 28 November 2025.
Outlook & Analyst Commentary
Aradel’s 9M 2025 performance reinforces:
- Strong upstream execution
- Growing domestic gas influence
- Expanding refining footprint
- Strategic investments across Nigeria’s energy value chain
Despite global oil price volatility and rising Opex, Aradel’s diversified energy model, capital discipline and strengthening associate contributions position it for sustained growth and higher shareholder returns.
Key watch-points for FY 2025:
- Crude evacuation efficiency via ACE/TNP system
- Execution of drilling and refinery upgrade programs
- Associated investments profitability cycle
- Debt service capacity amid expansion spending
Disclaimer
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