Aradel Holdings Plc grew its group profit after tax by 30.5 percent to N191 billion in the first half of 2026, up from N146.4 billion in the same period of 2025, as the full consolidation of ND Western Limited and increased exposure to Renaissance Africa Energy transformed the energy group’s scale, even as shareholders approved a final dividend of N23.00 per share for the 2025 financial year at the company’s Annual General Meeting.
Revenue surged nearly seven-fold to N2.49 trillion, from N368.1 billion a year earlier, driven by broad-based growth across the company’s crude oil, gas and refined products segments following last December’s acquisition of an additional 40 percent stake in ND Western, which brought the company’s books into full consolidation for the first time. Cost of sales rose in tandem to N1.05 trillion, from N204.9 billion, lifting gross profit to N1.44 trillion, from N163.2 billion.
General and administrative expenses climbed to N171.9 billion, from N53.2 billion, while other losses widened to N213.1 billion, from an income of N8.6 billion, weighed down by a large underlift/overlift adjustment. Even so, operating profit rose more than eight-fold to N1.06 trillion, from N118.6 billion.
Below the operating line, finance costs jumped sharply to N326.1 billion, from N11.1 billion, driven by higher bank borrowing interest and the unwinding of decommissioning provisions, pushing the company into a net finance cost of N302.5 billion, compared with a net finance income of N1.4 billion a year earlier.
With the group no longer recognising a share of associate profit from ND Western following consolidation, compared to N71.3 billion booked in H1 2025, profit before tax still nearly quadrupled to N752.7 billion, from N191.3 billion. A steep tax charge of N561.7 billion, from N44.9 billion, brought profit after tax to N191.0 billion.
Total assets grew 731 percent to N10.88 trillion as at June 2026, from N1.8 trillion in H1 2025, as property, plant and equipment grew 636 percent to N4.89 trillion from 664 billion in H1 2025.
Cash and cash equivalents rose 406 percent to N1.72 trillion, from N342.03 billion. Total liabilities increased 2889 percent to N8.71 trillion, from N357 billion, on higher trade and other payables and taxation, while total shareholders’ equity edged up to N2.17 trillion, from N1.45 trillion.
The company generated N975.6 billion in net cash from operating activities for the half, more than six times the N140.8 billion recorded a year earlier, while cash used in investing activities rose to N280.5 billion, from N97.1 billion, mainly on property, plant and equipment purchases. Unlike the prior year, when the company paid out a N95.6 billion dividend to parent shareholders in H1, no dividend was paid during the current half, helping cash and cash equivalents close the period 14.2 percent higher.
The N23.00 dividend, approved at the company’s 31st Annual General Meeting held virtually on July 30, 2026, is payable to shareholders on the register as at the close of business on July 10, 2026.
Shareholders at the meeting also re-elected Chairman Augustine Olorunsola, Chief Executive Officer Adegbite Falade and Chief Financial Officer Adegbola Adesina, who were retiring by rotation, and approved the appointment of KPMG Professional Services as the company’s auditor for the 2026 financial year, replacing outgoing auditor Deloitte & Touche.
Aradel Holdings’ shares have rallied all year, rewarding its holders with a year-to-date gain of 127.88 percent and a share price of N1,526.80, giving the energy group a market capitalisation of N6.6 trillion, as investors continue to reward the impact of last year’s ND Western and Renaissance acquisitions on the company’s scale.