Aradel Holdings Plc shareholders have resolved to list the company’s shares on the Nigerian Stock Exchange (NGX).
At its 29th Annual General Meeting (AGM) held in Lagos which had in attendance shareholders, regulators, company directors, and other stakeholders, the Chairman of Aradel Holdings Plc, Ladi Jadesimi, said “In 2023, Aradel Holdings’ performance was characterised by unprecedented growth, underpinned by the sound strategic initiatives we 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.’’
In 2023, the Company recorded revenue growth of 234.5% to ₦221.1 billion (US$342.3 million) from the ₦66.1 billion (US$156.1 million) attained in 2022. The Company also achieved a significant increase of 254.9% in Profit After Tax (PAT) to ₦53.7 billion (US$69.1 million) from ₦15.1 billion (US$35.5 million) recorded in 2022.
Based on this robust financial performance, a final dividend of ₦170 per share, as recommended by the Board of Directors was approved by the shareholders at the AGM.
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The Chief Executive Officer/Managing Director of Aradel Holdings, Adegbite Falade in his comment 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.’’
Speaking to the future aspirations of the Company, the Managing Director stated that “The credibility of our theme Unleashing Growth, takes its root firmly from the record 2023 results and the fledgling and sustainable outlook for 2024 and beyond. Our published Q1 2024 unaudited accounts provide a clear indication of what lies ahead for Aradel Holdings Plc. Our accounts show that at both operational and financial levels, our Company is not letting off from where we ended in 2023.
