Aradel Holdings grows half year pre-tax profit by 269% to N27.9bn

Aradel Holdings Plc, Nigeria’s first integrated indigenous energy Company which was formerly known as NDEP has announced its unaudited results for the half-year (H1) period ended June 30, 2023. The company’s revenue increased by 217.6per cent to N74.5 billion (H1 2022: N23.5 billion).

This was driven by: increase in crude oil revenue (53.2per cent of total revenue) to N39.6 billion, due to increased availability of the Trans Niger Pipeline (TNP), in addition to the value from utilising the Alternative Crude Evacuation (ACE).

The company also recorded 28.5per cent increase in gas revenue (4.9per cent of total) to N3.7 billion (H1 2022: N2.8 billion; 12.2per cent of total revenue); 51.6per cent increase in refined products (41.9per cent of total) to N31.2 billion (H1 2022: N20.6 billion; 87.8per cent of total revenue).

Average realised price/barrel (bbl) from crude oil operations (refining plus crude export) was $/100.8bbl. Gross profit increased to N49.8 billion (H1 2022: N9.6 billion), while it recorded operating profit of N29.8billion (H1 2022: N5.1 billion). Profit before tax (PBT) of N27.9 billion, went up by 269per cent year-on-year (H1 2022: loss N7.5 billion).

Profit after tax (PAT) increased by 173.9per cent to N13.1 billion (H1 2022: N4.8 billion. The Company generated cash flows from operations of N55.7 billion in H1 2023, implies an increase of 175.2per cent (H1 2022: N20.2 billion), and net cash flows from operating activities of N55.1 billion was also up 182per cent (H1 2022: N19.5 billion).