Aradel Holdings Plc has delivered 55 per cent surge in profit before tax (PAT) to N401.2 billion in its unaudited results for the year ended December 31, 2025. The company promises to sustain value creation to stakeholders.
Its 2024 PAT stood at N259.1 billion while revenue rose from N581.2 billion in 2024 to N697.3 billion in 2025.
Operating profit declined during the period, primarily due to exceptional, non-recurring items, including crude oil over lifts resulting in N34.7 billion stock adjustment expenses, a one-off N25.5 billion provision for price-based royalties pending resolution of computation mechanism, and higher staff costs arising from Long-Term Incentive Plan (LTIP) payments.
The Group delivered continued revenue and profitability growth, reflecting sustained momentum across all business segments. Most importantly, the significant growth in profitability underscores the benefits of its value-accretive diversification strategy, with share of profit from associates increasing by 523 per cent to N197.0 billion in 2025 higher than N31.6 billion recorded in 2024.
It said the full impact of the ND Western acquisition, completed on 31 December 2025, will be reflected in subsequent reporting periods.
Operating profit declined during the period, primarily due to exceptional, non-recurring items, including crude oil overlifts resulting in N34.7 billion stock adjustment expenses, a one-off N25.5 billion provision for price-based royalties pending resolution of computation mechanism, and higher staff costs arising from Long-Term Incentive Plan (LTIP) payments.
Chief Executive Officer, Mr. Adegbite Falade, said: “Aradel delivered a strong and resilient performance in 2025, reflecting the quality of our asset base, disciplined execution, and the inherent resilience of our diversified energy portfolio. Despite operating in a dynamic environment, we achieved meaningful growth across our upstream, gas, and refining businesses.
“During the year, we advanced our acquisition-led growth strategy with the completion of two landmark transactions: the acquisition of a 33.3 per cent effective equity interest (comprising 12.5 per cent directly by Aradel Energy; and 20.8 per cent indirectly through ND Western Limited) in Renaissance Africa Energy Company Limited, operator of the Renaissance Joint Venture (formerly known as the SPDC Joint Venture), and the purchase of an additional 40 per cent equity interest in ND Western Limited,” she said.
“The acquisition of the additional interest in ND Western Limited represents a significant milestone for the Group. It is fully aligned with Aradel’s long-term strategy of disciplined portfolio consolidation, asset base expansion, and sustainable value creation, and it further strengthens our strategic position within Nigeria’s upstream oil and gas sector. The completion of the NDW transaction increases Aradel’s effective interest in ND Western Limited to 81.67 per cent and the Renaissance Africa Energy Company Limited to 53.33 per cent,” she said.
“Looking ahead, our focus in 2026 is on consolidating our expanded portfolio to enhance operational scale, improve efficiency across our assets, increase production and further diversify our revenue base in support of long-term shareholder value,” she added.
Strategic updates of the company showed that on 13 March 2025, the Renaissance consortium completed the acquisition of 100 per cent SPDC Limited. Aradel’s effective share was 33.3% at completion.
Also on 31 December 2025, it completed the acquisition of additional 40% equity interest in ND Western Limited. The Transaction resulted in a material increase in Aradel’s aggregate shareholding in ND Western from 41.67 per cent to 81.67 per cent, and its ownership of Renaissance Africa Energy Company Limited from 33.3 per cent to 53.3 per cent.
Total crude oil and condensate production marginally increased by three per cent to 5.16 mmbbls in Full Year Unaudited 2025 compared to 5.06 mmbbls for the period ending 31 December 2024. Crude oil production averaged 14,142bbls/day3, up 3% from 13,751bbls/day in FY 2024, driven by improved well optimization, enhanced efficiency, and operational excellence.
Aradel recorded gas production volumes of 18.76 Bcf in FYUA 2025, a 59 per cent increase compared to 11.81Bcf in FY 2024. Average daily gas production rose 59 per cent to 51.4mmscf/day4 (FY 2024: 32.4mmmscf) supported by new gas wells and enhanced recovery.
The Company achieved its highest-ever gas production rate of approximately 83.8 mmscf/d, attributable to the gas revamp and expansion project, underscoring Aradel’s growing role in Nigeria’s domestic gas supply and energy transition agenda.
Refined product volumes increased by 18 per cent to 313.4 million litres in FYUA 2025, up from 264.9 million litres in FY 2024 reflecting improved refinery uptime and expanded capacity. Capacity utilization improved to 49% in FY 2025 from 40 per cent in FY 2024, underscoring further upside potential as well as additional opportunities that exist to further optimize the refinery business.
Safety remains a core priority for Aradel. The Company achieved 10.2 million manhours without a Lost Time Injury (LTI) across all operated assets during the period — a testament to its robust safety culture and the commitment of its workforce.
Aradel Holdings delivered strong top-line growth, with total revenue rising by 20 per cent year-on-year to N697.3 billion, driven by sustained momentum across all business segments.
Revenue from crude oil exports grew by 18 per cent to N440.1 billion, supported by higher production volumes and reliable evacuation through both the TNP and ACE system. Crude sales rose to 4.1mmbbls (FY 2024: 3.1mmbbls), accounting for 63 per cent of the total revenue despite decline in realised crude oil prices.
Refined products revenues increased by 18 per cent to N210.8 billion representing 30 per cent of total revenue, driven by a 26 per cent rise in sales volume to 302.9 mmltrs. The growth demonstrates the Company’s expanding downstream footprint and strong market penetration.
Total assets grew 495 per cent year-to-date to N10.4 trillion, primarily attributable to the Company’s consolidation of ND Western and Renaissance following the acquisition of control in both entities.
 to N401.2 billion in its unaudited results for the year ended){kind=link}