Aradel Plc, a company that recently rebranded, has shown significant growth and success in its operations. In the first half of the year, the company’s operating profit increased by 478.7% compared to the previous year, reaching N29.8 billion.
Its profit before tax also grew by 269.5%, and profit after tax nearly tripled. The company’s operating profit margin also increased by 180 basis points.
Despite the challenges faced by companies due to foreign exchange losses, Aradel Plc’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased from 12.4% to 40.4%. The company’s revenue also saw robust growth, increasing by 217.6% to N74.5 billion.
Aradel Plc’s total assets and total equity also experienced significant growth, jumping by 73.7% and 78.5% respectively. The company attributed its strong performance to improved operations and the bullish oil market.
It completed Well 12 and 13, which helped increase production. Crude oil production increased by 97.5%, and gas production improved by 6.6%. The company also sold more refined products.
The average realized price per barrel of crude oil was $100.8, and the average realized gas price per mscf was $2.1, both showing year-on-year increases.
The CEO of Aradel Plc, Adegbite Falade, expressed satisfaction with the company’s performance and attributed it to the initiatives implemented in the previous year.
He highlighted the Alternative Crude Oil Evacuation (ACE) project as a significant driver of value for the company. The completion of Well 12 and 13 also contributed to increased production and refining capacity.
Falade expects the positive outcomes to continue throughout the year and believes they will lead to increased value for the company, its shareholders, and the country. Aradel Plc is focused on creating value for its stakeholders and plans to continue increasing production and refining capacity with future drilling projects.
The Nigerian energy company, Aradel Holdings, is set to start operations at its modular refinery soon. The company’s CEO, Adegbite Falade, believes that local refining of crude oil into petroleum products is crucial for Nigeria.
Local refining will reduce the country’s reliance on foreign exchange and create job opportunities. The primary benefit of local refining is not price, but rather import substitution and job creation.
Aradel Holdings aims to deliver sustainable energy solutions while preserving the environment. The company plans to scale up its operations in hydrocarbon extraction, refining, and renewable energy offerings.
The Nigerian government and industry stakeholders have praised Aradel for its achievements and emphasized the importance of local content adherence and development.