…Declares interim dividend of N10.00

Summary of Performance

 43% revenue growth year-on-year from N377.6bn to N538.8bn
 25% increase in interim dividend to N10.00, up from N8.00 in prior year
 20 years of uninterrupted production, underscoring operational excellence and resilience
Aradel Holdings Plc (“Aradel” or “Aradel Holdings” or the “Company” or the “Group”), Nigeria’s leading integrated energy company announces its unaudited results for the nine-month period ended 30 September 2025.
Aradel continues to deliver strong operational and financial performance, reflecting the resilience of its diversified energy portfolio. The Company maintained stable production across all business segments and achieved robust profit margins, supported by operational efficiency, disciplined capital management and solid returns from non-operated assets. Reinforcing its commitment to shareholder value, the Board of Directors has approved an interim dividend of N10.00 per share.
Operational Highlights
 Crude oil production averaged 15.3kbbls/day, up 25% from 12.3bbls/day in 9M 2024, driven by improved well optimization, enhanced efficiency, and operational excellence.

 Gas production rose 41% to 50.6mmscf/day (9M 2024: 35.7mmmscf) supported by new gas wells and enhanced recovery.

 40% increase in production of refined products at 235.7mltrs in 9M 2025 compared to 168.9mltrs in 9M 2024, reflecting improved refinery uptime and expanded capacity.

 8.5 million manhours without Lost Time Injury (LTI) achieved across all operated assets.

 In 9M 2025, Aradel expanded its drilling operations with two development rigs and two workover rigs, up from a single rig in 9M 2024, enabling greater exploration, appraisal, and production enhancement activities that reinforced its growth and operational efficiency

Financial Highlights
 Revenue grew by 43% year on year to N538.8 billion (9M 2024: N377.6 billion), driven by higher crude oil, gas and refined-product sales volumes.

 EBITDA increased 10% to N261.4 billion (9M 2024: N238.1 billion).

 43% increase in Profit before tax increased due to strong revenues and strong performance of associate companies.

 Cash at bank stood at N399.5 billion (9M 2024: N411.8 billion), excluding N12.3 billion restricted cash, maintaining a healthy balance sheet position.

Dividend
The Board approved an interim dividend of N10.00 per share, representing a 25% increase from N8.00 declared in the prior year. This decision underscores Aradel’s commitment to delivering consistent and sustainable returns to shareholders while maintaining a prudent capital discipline and reinvestment for future growth
Mr. Adegbite Falade, Chief Executive Officer, said:
“The Company continues to demonstrate the strength and resilience of its business model, delivering another solid performance for the nine months ended 30 September 2025. This performance reaffirms our consistent track record of growth and value creation even in a dynamic operating environment.
As we celebrate 20 consecutive years of uninterrupted production, we remain proud of how far we have come in building a fully integrated energy company anchored on operational excellence, disciplined growth strategy and prudent financial management.
Since our landmark listing on the Nigerian Exchange in October 2024, we have continued to deliver on our promise of sustainable value creation and upholding the highest standards of corporate governance. Our nine-months 2025 results reflect the effectiveness of our strategic growth initiatives across the upstream, midstream, and downstream segments.
During this period, we completed the acquisition of Olo and Olo west marginal fields and reached an agreement for the acquisition of an additional 40% equity interest in ND Western Limited. These acquisitions further strengthen our strategic position within Nigeria’s oil and gas landscape. The increased transparency and market visibility from our NGX listing have also deepened investor confidence, broadened our shareholder base, and positioned us for long-term growth.
Looking ahead, we remain focused on disciplined investments, strategic partnerships, and innovation to increase production, advance our energy-transition agenda and further diversify our revenue base. With clear strategy and strong fundamentals, we are confident in our ability to sustain growth and maximize value for our shareholders.”

Crude Oil Business
In the nine months ended 30 September 2025, total crude oil and condensate production increased by 24% to 4.17 mmbbls compared to 3.36 mmbbls in the corresponding period of 2024. Average daily production increased by 25% to 15.3kbbls/day compared to 12.3kbbls/days in 9M 2024.
This growth was primarily driven by higher output from the Ogbele Field and improved contribution from the Omerelu Field. The increase reflects the success of ongoing production optimization initiatives, enhanced operational efficiency, and the sustained reliability of key evacuation routes — notably the Alternative Crude Evacuation (ACE) system and the Trans Niger Pipeline (TNP).
Gas Business
Aradel recorded gas production volumes of 13.81Bcf in 9M 2025, a 27% increase compared to 9.8Bcf in 9M 2024. Average daily gas production rose by 39% to 50.6 mmscfd (9M 2024: 36.5mmscfd), supported by the commissioning of new gas wells at the Ogbele Field and increased associated gas production at Omerelu.
Notably, the Company achieved its highest-ever gas production rate of approximately 73 mmscf/d, following the successful implementation of the gas system revamp project, underscoring Aradel’s growing role in Nigeria’s domestic gas supply and energy transition agenda.
Refinery Business
Refined product volumes increased by 40% to 235.7 million litres in 9M 2025, up from 168.8 million litres in 9M 2024. This was driven by improved plant reliability, steady feedstock supply, and process efficiency gains. Automotive Gas Oil (AGO) and Naphtha were the major contributors, accounting for 29% and 32% of total production volumes, respectively.
During the period, Aradel completed the acquisition of the Ever Depot storage facility in Port Harcourt, a joint venture with Waltersmith, this acquisition will improve the uptime and minimize deferments resulting from tank top situations. In September 2025, the Company commenced a planned refinery maintenance shutdown, scheduled for completion in October 2025, to support long-term operational efficiency.
Health Safety, and Environment (HSE)
Safety remains a core priority for Aradel. The Company achieved 8.5 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.
While two minor road transport incidents were recorded, there were no fatalities, LTIs, or medical treatment injuries (MTIs) in the period. Aradel continues to invest in process safety systems, workforce training, and operational risk management to maintain world-class HSE performance standards.
Financial Review
Revenue
Aradel Holdings delivered strong top-line growth, with total revenue rising by 43% year-on-year to ₦538.8 billion (9M 2024: ₦377.6 billion), driven by sustained momentum across all business segments.
Revenue from crude oil exports grew by 36% to ₦341.4 billion (9M 2025: N251.7 billion), supported by higher production volumes and reliable evacuation through both the TNP and ACE system. Crude sales rose to 3.05 mmbbls (9M 2024: 2.07mmbbls), accounting for 63% of the total revenue despite decline in realised crude oil prices.
Refined products revenues increased by 58% to ₦163.1 billion representing 30% of total revenue, driven by a 55% rise in sales volume to 230.8 mmltrs (9M 2024: 148.6 mmltrs). The growth demonstrates the Company’s expanding downstream footprint and strong market penetration.
Gas revenues advanced 11% to ₦34.3 billion (7% of total revenue), reflecting higher production volumes and improved realised prices of $1.64/mscf (9M 2024: $1.58/mscf).
Cost of Sales
Cost of sales comprises expenses relating to crude oil handling charges, depreciation & amortization, operations & maintenance as well as royalties & other statutory expenses which amounted to ₦304.1billion (9M 2024: ₦166.8 billion), reflecting increased costs in carrying out operational activity and statutory obligations aligned with higher production levels.
Crude handling charges rose 10% to N71.0 billion (M 2024: N64.7 billion), while operational and maintenance expenses grew by 184% to N38.9billon (9M 2024: N13.7 billion) largely driven by increased field costs at Omerelu field, host community development provisions under the Petroleum Industry Act (PIA) and well maintenance activities to support operational efficiency.
Depreciation charge for the period increased by 36% to ₦91.7 billion (9M 2024: ₦67.2 billion), arising from higher hydrocarbon production, and the addition of the newly capitalised Well 16 in Ogbele field. Royalties & Other Statutory expenses increased by 151% to ₦79.0 billion (9M 2024: ₦31.5 billion). This was driven by increased production levels, additional royalty provisions, and NDDC Levy provisions. Stock adjustment increased to ₦17.3 billion (9M 2024: (₦27.3 billion)), largely reflecting the impact of lower inventory levels in the current period.
Operating Profit
In 9M 2025, gross profit rose by 11% to ₦234.7 billion (9M 2024: ₦210.8 billion), driven by the expansion of operational activities. The gross profit margin stood at 44%, compared to 56% in the prior period, reflecting the impact of lower realised crude oil price and higher crude oil production volumes resulting in increased depreciation charges associated with an enlarged asset base, and elevated operating costs.
General and Administrative expenses amounted to N81.2 billion versus N25.1 billion in 9M 2024. The increase was primarily due to staff costs, which reflects the implementation of the cash-settled share-based incentive scheme in Q4 2024 and salary review.
Operating profit stood at ₦167.5 billion, representing a marginal decline of 1% from ₦169.1 billion reported in 9M 2025, resulting from higher business operating costs in the period and lower realised crude oil prices.

Net financing costs
Net finance costs increased to ₦6.0 billion (up 394%) following additional borrowings to finance the Shell Petroleum Development Company of Nigeria (SPDC) acquisition and other business operations, while finance income grew 49% to ₦11.1 billion, reflecting stronger returns from interest-bearing cash investments.
Share of profit of associates
Share of profits from associates rose sharply by 490% to ₦139.2 billion reflecting enhanced contributions from ND Western Limited and Renaissance Africa Energy Company.
Profit/(Loss) for the year
Aradel reported profit before tax of ₦300.7 billion up 57% from ₦191.5 billion in 9M 2024. Profit after tax for the period was ₦245.1 billion, a 122% increase from ₦110.6 billion in 9M 2024, driven by improved tax efficiency, and higher earnings contribution. Income tax expense for the period is estimated at ₦55.6 billion (Cash Tax ₦61.9 billion and Deferred tax credit ₦6.4 billion), relative to 9M 2024 tax expense of ₦80.9 billion.
Balance Sheet and Liquidity Management

Total Assets
Total assets grew 12% year-to-date to ₦2.0 trillion (FY 2024: ₦1.7 trillion), primarily attributable to the Company’s strategic investments, including the acquisition of 6.01% equity stake in Chappal Energies Mauritius Limited, an energy company focused on investments in deep value and brownfield upstream opportunities within Africa, and, the completion of Renaissance Africa Energy Holdings acquisition of the entire (100%) equity holding in the SPDC during the period.
Cash Flow from Operating Activities
Operating cashflow stood at ₦205.4 billion (9M 2024: ₦213.5billion), marginally lower due to settlement of income tax liabilities for 2024 Full Year assessment amounting to ₦38.9 billion as well as outstanding receivables for crude oil & gas sales and other proceeds worth ₦78.3 billion (to be received in Q4 2025).
Cash flow from Investing Activities
Net cash flow used in investing activities was ₦147.7 billion, up 99.4% (9M 2024: ₦74.1 billion). This increase is mainly driven by expanded CAPEX and strategic investments – additions to PPE, cash-financed investment in Renaissance amounting to ₦21.2 billion in 9M 2025 and investment of ₦34.6 billion in Chappal Energies.
Cash Flows from financing activities
Net cash flows used in financing activities declined by 18.9% to ₦54.5 billion (9M 2024: ₦67.2 billion). The movement was primarily driven by additional borrowings of ₦149.0 billion, dividend payment and repayments of borrowings and interests.
Despite the higher level of borrowings, the Group continues to maintain a robust liquidity position, with cash balances comfortably exceeding outstanding debt obligations.
Dividend Payment
The Board has approved an interim dividend of N10.00 per share for the nine-month period ending 30 September 2025, representing a 25% increase compared to the from the interim dividend paid declared in the prior period – reflecting the Company’s sustained profitability and commitment to delivering enhanced shareholder value.

Liquidity

The Balance sheet continues to remain healthy with a solid liquidity position

The Nigerian Exchange (NGX) shrank as equity investors lost about N964 billion in the local bourse last week. For four out of five trading sessions, bearish sentiment took centre stage, snapping weeks of sustained bullish momentum as investors locked in gains and rebalanced portfolios ahead of the month’s close.
Stock market analysts said the pullback came against the backdrop of mixed third-quarter earnings, particularly from the banking sector, which tempered investor optimism.
The Nigerian Exchange benchmark index declined by 0.98% week-on-week to close at 154,126.45 points, while the market capitalisation fell in tandem by N963.94 billion to settle at N97.83 trillion.
Investor sentiment remained largely tepid throughout the week, according to Cowry Asset Limited, reflected in the market breadth, which closed negative at 0.41x, as 29 stocks advanced while 70 declined.
Cowry Asset told investors in a note that the NGX trades within a corrective corridor for the short term, with the All-Share Index (ASI) hovering below its 20-day and 50-day moving averages, which reinforces short-term bearish momentum.
Interestingly, the Relative Strength Index (RSI) is inching toward the oversold region, hinting that some fundamentally strong, large-cap names may soon present attractive re-entry opportunities for medium-term investors, the investment firm said.
Despite the negative breadth, trading activity picked up pace, showing that investors were still active — albeit selective.
The weekly traded volume rose sharply by 102.7% week-on-week to 7.49 billion units, while value traded expanded 12.16% to N145.44 billion.
Similarly, the number of deals increased 7.85% to 159,598 trades, pointing to some rotational positioning within portfolios. Across the sectoral landscape, the mood was largely bearish, as four of the six key sectors under our watch finished in the red.
The Insurance, Consumer Goods, Banking, and Industrial Goods sectors were all pressured by profit-taking and weak sentiment in bellwether counters.
Top decliners include CADBURY, ZENITHBANK, DANGSUGAR, FIDELITYBNK, NIGERIAN BREWERIES, LAFARGE AFRICA, CORONATION, CORNERSTONE, DANGCEM, and ARADEL.
However, the Oil & Gas (+0.30%) and Commodity (+0.15%) indices managed to buck the trend, supported by gains in OKOMUOIL and OANDO, as investors continued to seek alpha played in select energy and commodity stocks amid the broad market weakness.
On the performance board, ASO SAVINGS (+56.1%), JULIUS BERGER (+13.3%), OANDO (+11.9%), BERGER PAINTS (+9.3%), and ETI (+8.2%) emerged as the week’s top gainers, drawing renewed investor attention.
Conversely, OMATEK (-21.9%), JOHNHOLT (-16.9%), CAVERTON (-16.2%), NAHCO (-15.9%), and ETRANZACT (- 15.3%) led the laggards’ chart, reflecting price corrections and fading confidence in the short term.
“Looking ahead, we expect the market to trade mixed in the near term, with direction to be shaped by investor reaction to outcome of fixed-income yields, fund rotation into safer assets, and the ongoing earnings season.
“In our view, the market currently needs a strong catalyst—possibly in the form of improved macro indicators or stronger-than-expected corporate results—to reignite a bullish spark and restore positive sentiment on the NGX.
“We continue to advise investors to take positions in fundamentally sound stocks with strong earnings power and returns,” Cowry Asset Managers said in the equities update.

Oando Plc’s market value surged by about 12% week on week as the group’s earnings direction was altered by its favourable tax positions. The market anticipates the bulky surge of 164% will boost investors’ sentiment, and triggered fresh re-rating.
In first 10 months, Oando lost 24% of its market value. Stockholders sell down after the energy group delivered mouthwatering returns to investors in 2024.
With the new earnings playbook. Oando saw a fresh significant weekly gain. The energy group share price surged to N48.05 on Nigerian Exchange on Friday as investors traded 32.101 million of Oando shares valued at N1.569 billion.
Trading actions on Oando increased as reflected in its three days upswings, reflecting investors’ positive interest in the oil stocks. Hence, the market value of Oando Plc’s 12.431 billion shares outstanding was adjusted to N597.329 billion, a significant discount to its 52-week high in the local bourse.
Oando Plc market value had surpassed N1 trillion mark early in 2025 before negative investors’ sentiment plunged the company into deep. The market anticipates Oando’s strong business fundamentals to boost earnings in 2025.
The group rode on tax credit in the third quarter; otherwise, its operational performance mirrored significant margin-pulling pressure. Investors’ negative sentiment has persisted, but a fresh rally suggests possible re-entry in anticipation of robust earnings performance in 2025.
Oando Plc’s profit after tax skyrocketed by 164% year-on-year, reaching N201.3 billion in the first nine months of the 2025 financial year, compared to N76.3 billion in the same period of 2024.
The group said the performance reflects the full consolidation of the NAOC JV assets acquired in 2024, marking a significant uplift in upstream capacity and operational resilience.
Production volumes improved across key assets, though crude liftings were lower than expected due to timing differences in cargo schedules. Strong upstream performance — including a 75% increase in natural gas sales — was partly offset by softer trading revenues and weaker realised prices.
MarketForces Africa noted that Group disclosed that its profitability was impacted by non-cash valuation and foreign exchange adjustments, resulting in an operating loss for the period.
In reaction to operational development, the group adjusted its 2025 key earnings guidance downward. Oando announced it has narrowed its full year production guidance to about 40,000 boepd.
The group said projected FY2025 capital expenditure of $120–130 million has been revised downwards due to rig availability constraints, focused on drilling, infrastructure, and ESG projects.
In its unaudited report, Oando revealed that the group’s capital expenditure rose by 178% to ₦74.9 billion from ₦26.9 billion in the equivalent period in 2024, reflecting increased upstream and infrastructure investments.
In its outlook for the year, the group maintained trading guidance at 25–35 MMbbl for crude oil. Refined product trading guidance has been suspended pending market recovery, according to Oando.
Oando reported that the group production averaged 38,121 boepd in 9M 2025, up 59% year-on-year and within guidance, supported by the consolidation of the NAOC JV interest and improved uptime.