Table of Contents
Key Points:
- Aradel Holdings delivered a robust 36% increase in crude oil production, reaching 13,250 barrels per day in Q1 2024.
- Despite a slight dip in refined petroleum output by 1.6%, Aradel saw a remarkable 90% year-over-year revenue increase and a 62% surge in profit before tax.
- Q1 2024 revenues rose 442% to $67.79 million, driven by strategic initiatives and successful operations.
Aradel Holdings, an integrated energy group led by Nigerian businessman Ladi Jadesimi, has announced a robust 36-percent increase in crude oil production, reaching 13,250 barrels per day during the first quarter of 2024.
The indigenous energy firm made this disclosure at its 29th Annual General Meeting in Lagos, it also announced a 36-percent rise in gas production to 36.8 million standard cubic feet per day (mmscf/d).
However, refined petroleum product output slightly declined by 1.6 percent to 722,000 liters per day. Despite this, the company reported a significant financial upswing, with Q1 revenues climbing 90 percent year-over-year and profit before tax surging 62 percent.
Strategic initiatives yield results
Chairman Ladi Jadesimi attributed the impressive performance to strategic initiatives launched in 2022 and new measures implemented in 2023. He described 2023 as a year of unprecedented growth for the company.
“Our steadfast pursuit of multiple initiatives, guided by the seasoned wisdom of our Board, coupled with the relentless efforts of our dedicated workforce, delivered mutually reinforcing outcomes that drove exceptional operational performance in 2023,” said Adegbite Falade, CEO and managing director of Aradel Holdings.
Looking ahead, Falade expressed confidence in the company’s continued momentum. “Our unaudited Q1 2024 financials clearly signal continued momentum for Aradel Holdings Plc. Operationally and financially, we are building on our strong 2023 performance.
Crude oil production averaged 13,250 bbls/day, up 36 percent from FY2023, gas production averaged 36.8 mmscf/d, up 36 percent from FY2023, and refined petroleum products averaged 722 Kltrs/d, a slight decrease of 1.6 percent from FY2023.”
Company background and recent milestones
Founded in 1992 and formerly known as Niger Delta Exploration & Production Plc, Aradel Holdings has evolved into a fully integrated energy company. It holds diversified interests across multiple oil and gas assets and a modular refinery.
Ladi Jadesimi, renowned for his influential role in Nigerian business across energy, finance, and real estate sectors, chairs Aradel Holdings. His leadership extends to FCMB Group Plc and the establishment of Ladol Group, a leading Free Zone Industrial Park.
In recent developments, Aradel achieved a significant milestone with the successful re-entry of Well 2ST in the Omerelu Field, leading to its inaugural oil production on May 31, 2024.
In 2014, Aradel Energy acquired full ownership and operatorship of the Omerelu Field from the NNPC/Chevron Joint Venture. The company reported a remarkable revenue surge in Q1 2024, with a 442-percent increase to N101.16 billion ($67.8 million) compared to N18.66 billion ($12.5 million) in the same period last year.
