Aradel Holdings Plc, in the first quarter of 2026, grew its earnings by 252 percent as stronger crude oil sales and foreign exchange-related gains lifted profitability amid a volatile operating environment.
The company reported profit after tax (PAT) of N120.29 billion for the three months ended March 31, 2026, from N34.20 billion recorded in the corresponding period of 2025. Earnings per share rose to N15.24 from N7.77 a year earlier.
Revenue climbed by 264.5 percent to N728.52 billion, compared with N199.87 billion in the same period last year, as higher output and stronger contributions from crude oil and gas operations boosted topline performance. Cost of sales rose to N472.24 billion from N120.98 billion, but gross profit still expanded to N256.28 billion, more than triple the N78.89 billion posted a year earlier.
A key driver of earnings was a surge in other income to N208.88 billion, up from N614 million in the corresponding period of 2025. Operating profit consequently increased to N372.92 billion from N63.56 billion.
The company’s finance costs, however, rose sharply to N101.83 billion, nearly nineteen times the N5.43 billion recorded a year earlier, reflecting a higher debt burden and financing expenses. Nevertheless, profit before tax climbed to N283.84 billion, more than four times the N67.17 billion reported in the first quarter of 2025. Tax expenses increased to N163.55 billion from N32.98 billion.
Segment disclosures show that crude oil remained the dominant contributor to revenue, accounting for N534.04 billion, while gas generated N190.36 billion. Refined products contributed N57.26 billion, highlighting growing diversification across the group’s portfolio.
Despite the strong earnings performance, the group recorded a negative comprehensive income of N111.37 billion owing to foreign currency translation losses of N233.99 billion, which eroded gains at the equity level. Total equity attributable to shareholders fell to N1.35 trillion from N1.49 trillion at the end of December 2025.
Aradel’s balance sheet also showed total assets increased significantly to N9.06 trillion from N1.83 trillion in the same period of 2025, while total liabilities increased to N7.16 trillion from N391 billion. Cash and cash equivalents rose to N1.60 trillion, compared with N1.50 trillion at the beginning of the year, supported by strong operating cash flows.
Operating cash generation improved significantly, with net cash from operating activities rising to N868.33 billion, from N30.62 billion in the corresponding period of 2025. The company invested N140.62 billion in property, plant, and equipment during the period, indicating continued spending on production assets and expansion.
On Monday after trading, Aradel closed at N1,750.00 per share on the NGX, recording a 4.8 percent gain over Friday’s closing price of N1,670.00.
Aradel began the year with a share price of N670.00 and has since gained 161 percent on that price valuation, ranking it eighth on the NGX in terms of year-to-date performance.