Aradel Holdings Plc has released its unaudited financial statements for the nine-month period ended September 30, 2026, delivering a robust operational performance marked by a step-change in production, strong revenue growth, and a strengthened balance sheet.

During the period under review, the Group achieved a major expansion following the full consolidation of ND Western and Renaissance operations. Group average production surged by 502 percent year-on-year to 144.7 thousand barrels of oil equivalent per day (kboepd), outperforming the initial full-year guidance range and prompting management to revise its full-year 2026 production guidance upward to 140–150 kboepd.

Driven by this higher output and a firmer commodity price environment, revenue experienced a 633 percent increase to ₦3,949.7 billion, compared to ₦538.8 billion in the corresponding period of 2025.

Crude oil accounted for 69 percent of total revenue, while gas contributed 26 percent and refined products made up 5 percent. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 703 percent to ₦2,098.4 billion, reflecting an improved EBITDA margin of 53 percent.

The company reported an IFRS profit after tax of ₦43.3 billion, which includes a ₦529.1 billion earnout charge associated with the Renaissance acquisition of SPDC. Out of this figure, ₦141.5 billion is attributable to the company’s shareholders. Excluding adjusting items, the profit after tax attributable to shareholders stood at ₦572.4 billion, marking a 134 percent increase over the prior year.

The company noted that constructive engagements are currently ongoing with the vendor to address the imbalance on the earnout arrangement so that reported earnings better reflect the group’s operational performance.

The company’s financial position also experienced a notable turnaround, moving from a net debt position of ₦475.1 billion as of December 31, 2025, to a net cash position of ₦532.3 billion by September 30, 2026. Net cash generated from operations reached ₦2,458.9 billion, providing ample liquidity to fund capital expenditures, debt servicing, lease payments, and earnout obligations.

Total borrowings decreased by 25 percent to ₦1,507.0 billion following the full repayment of two debt facilities and scheduled amortizations.
In recognition of the robust cash generation and solid net cash position, the Board of Directors approved an interim dividend of ₦7.00 per share for the nine-month period, amounting to approximately ₦30.4 billion.

Commenting on the results, Chief Executive Officer Adegbite Falade stated that the performance demonstrated the immense delivery capacity of the enlarged portfolio. He emphasized that the group remains committed to operational excellence, safety, expanding its hydrocarbon reserves highlighted by the recent JK-004 exploration well discovery in OML 74 and first oil from the Olo marginal field and allocating capital with strict discipline to create sustainable, long-term value for shareholders.