Aradel Holdings Plc, an integrated indigenous Nigerian energy company, has announced a final dividend of N170 per share for its shareholders having recorded an impressive financial performance in 2023.
The marginal field and refinery operator that is listed on the NASD Exchange and the FMDQ, announced this at its hybrid annual general meeting (AGM).
In a statement shared with THISDAY, yesterday, Aradel disclosed that its shareholders have approved its resolution to list on the Nigerian Exchange (NGX) by way of a listing by introduction.
Speaking at the meeting, Chairman of Aradel Holdings Plc, Ladi Jadesimi, was quoted to have said that in 2023, the company's performance was characterised by unprecedented growth, underpinned by the sound strategic initiatives they implemented in 2022, in addition to the year's new initiatives.
"We increased our overall crude production volumes and enhanced our well delivery performance and potential. The Alternative Crude Evacuation (ACE) system completed in 2022 was subsequently optimised further during the year under review, facilitating the safe evacuation of crude with the impact being a significant reduction in crude loss compared to levels experienced in prior years", Jadesimi stated.
The company in the year under review said it recorded revenue growth of 234.5 per cent to N221.1 billion ($342.3 million) from the N66.1 billion ($156.1 million) attained in 2022.
It added that Aradel also achieved a significant increase of 254.9 per cent in Profit After Tax (PAT) to N53.7 billion ($69.1 million) from N15.1 billion ($35.5 million) recorded in 2022.
Based on this robust financial performance, the company stated that a final dividend of N170 per share, as recommended by the Board of Directors was approved by the shareholders at the AGM.
In his remarks, Managing Director and Chief Executive Officer of Aradel Holdings, Mr. Adegbite Falade, said: "The dogged pursuit of multiple initiatives, guided by the visionary wisdom of a most experienced Board of Directors, fuelled by an extremely hard-working, passionate and dedicated workforce created mutually assuring outcomes that enabled the outstanding growth in the operational performance seen in 2023."
Highlighting the future aspirations of the company, Falade stated that the credibility of the organisation's theme: "Unleashing Growth," took its root firmly from the record 2023 results and the fledgling and sustainable outlook for 2024 and beyond.
He added that the published first quarter 2024 unaudited accounts provided a clear indication of what lies ahead for Aradel Holdings Plc.
He maintained that the company's accounts showed that at both operational and financial levels, Aradel was not letting off from where they ended in 2023.
Falade explained further: "Crude oil production was 13,250 barrels per day, up by 36 per cent from the average for the full year (FY2023) numbers, Gas production was 36.8 million standard cubic feet per day (mmscf/d) up by 36 per cent from the average FY2023 numbers..
"Refined petroleum products was 722,000 litres per day, slightly down by 1.6 per cent from the average FY2023 numbers. In comparison to the same period in 2023, Q1 2024 revenues are up by 90 per cent, and PBT is up by 62 per cent both in Functional USD."
"Last week, we witnessed two important milestone events in the exciting journey of our company. The first was on the 29th of May, when our company joined the elite rank of companies in Nigeria that attained a N1 trillion market capitalisation as we closed at N4882 per share at end of the day's trading".
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Secondly, accordingly to the CEO, on the May 31, the company achieved first oil production from the Omerelu Field upon the successful re-entry of the 2ST Well.
He noted that these two milestones among others provided clear indication of the solid foundation and bright future that they see and are relentlessly pursuing.'
Falade thanked all the shareholders and other stakeholders present and reassured them of the management's continuous commitment to delivering sustainable energy solutions that support economic growth.
Commenting on the company's records, President of Highly Favoured Shareholder Association, Adetutu Siyanbola, said: "Going through all the indices, I observed impressive performance in the year under review and I want to give kudos to the Board and Management of Aradel Holdings Plc, and encourage them to do more. "
