Aradel Holdings Plc reports H1 2025 unaudited results – revenue of ₦368.1 billion, up 37.2%, and profit after tax of ₦146.4 billion, up 40.2%
'The first half of 2025 was shaped by both opportunities and challenges for Nigeria's oil and gas industry. Global geopolitical tensions continued to drive supply uncertainties and price volatility, while local operating conditions, from infrastructure to regulatory transitions, demanded resilience and adaptability.
In the face of this dynamic landscape, our Company remains focused and forward-looking. We recorded strong operational performance, driven by stable average production volumes.
We made significant progress on our strategic growth agenda. We successfully completed the acquisition of equity interest in Chappal Energies Mauritius Limited. Furthermore, our recent investment in Renaissance Africa Energy Company (Renaissance'), our deemed associate, has yielded positive returns, with our share of its performance featuring in Aradel's books for the first time. ND Western Limited and Renaissance Africa Energy Company are expected to remain significant contributors to our bottom-line from non-operated assets into the future. The consistent performance of our associate companies underscores the strategic value of our stake and supports our broader portfolio diversification objectives.
We extend our sincere gratitude to Mr. Ladi Jadesimi, Mr. Ede Osayande, and Mr. Thierry Georger, who stepped down from Aradel's Board after several years of dedicated service, in line with statutory tenure limitations. We also welcome new members to our Board during the first half of the year, enhancing the breadth of experience and diversity of thought at the highest level of our governance structure. The new additions to the Board are Ms. Kerin Gunter, Mr. Olusola Adeeyo, Mr. George Osahon, and Mr. Mahmud Tukur. These changes reflect our commitment to strong stewardship and future-ready leadership.
As we look ahead to the second half of the year, we remain focused on executing our strategic priorities: enhancing shareholder value, maintaining operational excellence, and delivering responsibly in today's changing energy landscape.'
Group Financial Highlights
30 June 2025 30 June 2024 Variance
₦'billion ₦'billion %
Revenue 368.1 268.3 37.2
Operating Profit 118.6 150.3 (21.1)
Operating Profit Margin 32.2% 56.0% (2378bps)
EBITDA 176.4 189.7 (7.0)
EBITDA Margin 47.9% 70.7% (2280bps)
Profit Before Tax 191.3 162.3 17.9
Share of profit of associates 71.3 13.5 429.8
Profit After Tax 146.4 104.4 40.2
Earnings per Share 33.3 24.0 38.8
Operating Cashflow 140.8 165.4 (14.9)
Capital Expenditure 48.1 49.2 (2.2)
Total Assets 1,810.7 1,749.8 3.5
Total Equity 1,453.2 1,404.1 3.5
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Financial Review
Foreign exchange dynamics continued to impact on the financial performance of the Group, although, H1 2025 witnessed a lesser pace of naira devaluation year on year. The average exchange rate in H1 2025 was
₦1,550:US$1 relative to ₦1,345:US$1 in H1 2024.
Revenue increased by 37.2% to ₦368.1 billion (H1 2024: ₦268.3 billion). This was driven by:
36.0% increase in export crude oil revenue (63.2% of total revenue) to ₦232.8 billion (H1 2024 ₦171.1 billion; 63.8% of total), driven by increased production levels, improved utilisation of the Trans Niger Pipeline (TNP), minimal crude losses and additional value from the Alternative Crude Evacuation (ACE) system, resulting in higher crude oil sales of 2.04 mbbls in H1 2025 (H1 2024: 1.46 mbbls), despite drop in realised crude oil price (exported) per barrel to $73.6 (H1 2024: $87.5)
42.6% increase in refined products revenue (31.6% of total revenue) to ₦116.5 billion (H1 2024: ₦81.7 billion; 30.4% of total revenue) due to higher sales volume of 165.3 mmltres, up by 32.7% (H1 2024: 122.2 mmltres).
21.7% increase in gas revenue to ₦18.8 billion (5.2% of total revenue), due to higher production volumes (H1 2024: ₦15.5 billion; 5.8% of total revenue) as well as higher realised gas price per mscf of $1.7 (H1 2024: $1.5).
Corporate Governance Updates
The following key changes were made to the Board of Directors during the first half of the year:
The Board member responsible for arranging the release of this announcement on behalf of Aradel Holdings is Adegbola Adesina, CFO Aradel Holdings Plc.
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