Aradel Holdings Plc holds 28th AGM, declares N35 dividend
Nigeria’s foremost integrated indigenous energy Company, Aradel holdings Plc listed on the NASD Exchange and the FMDQ, held its 28th Annual General Meeting (AGM), the first after it rebranded from Niger Delta Exploration & Production Plc.
The hybrid event was held at the External Ballroom, Federal Palace Hotel, Victoria Island, Lagos, and had in attendance shareholders, regulators and company directors, amongst other stakeholders.
Addressing the shareholders at the AGM, the Chairman of Aradel Holdings Plc, Ladi Jadesimi, said “2022 was a challenging year for the Nigerian Energy industry. Despite this, we emerged with recorded improvements across the business due to our resilient and integrated business model, as well as sound financial measures adopted across our operations.
The Company recorded significant growth in key financial metrics with revenue increase of 28.2% to ¦ 66 billion from ¦ 52 billion year-on-year. Profit before tax grew by 64.8% to ¦ 33 billion from ¦ 20 billion in 2021.
In 2022, we began our rebranding journey and in the second quarter of 2023, we changed our name to Aradel Holdings Plc. The Company also clocked 30 in 2022, reaching a milestone worthy of mention. The new brand reflects our rich history and heritage as well as a future portfolio that explores renewable energy opportunities, in line with our strategic objectives of becoming a leading African Company delivering sustainable energy solutions for economic growth.’’
Based on this strong financial performance, the Board recommended a dividend of ¦ 35 per share to be paid to shareholders, an increase of 75% from ¦ 20 per share in 2021. This was approved by the shareholders during the meeting.
The Chief Executive Officer/Managing Director of Aradel Holdings, Adegbite Falade in his comment said “Distinguished shareholders of Aradel Holdings Plc, let me thank you for the unflinching support, and vote of confidence that has been reposed in the Board, and by extension the Management and Staff of your company to pilot the affairs of your company. Our results are the outcome of decades of vision, focus, and disciplined execution that have entrenched the company’s levels of resilience, redundancy and robustness. ‘’
Speaking to the future aspirations of the Company, the Managing Director stated that “We remain positive that the bright future of your company both in the near- and longer- terms will be sustained as we build on current momentum to deliver on the growth aspirations of scaling up in Ogbele (our flagship asset), bringing onstream production from Omerelu, bringing onstream the PMS unit of the Refinery, acquiring additional assets, introducing new verticals of business lines in the renewables, skilfully navigating the energy transition challenge, and being a key player in our nation’s energy security agenda.’’
