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Aradel Holdings Plc grew its total assets by 466 per cent to N9.9 trillion in the 2025 financial year following the acquisition of an additional 40 per cent interest in ND Western Limited, which increased its effective equity stake in Renaissance Africa Energy Company to 53.3 per cent.
The energy company said the transaction, completed on December 31, 2025, significantly expanded its reserves, production base and operational footprint, leading to a sharp increase in the size of its balance sheet. According to its audited results for the year ended December 31, 2025, total assets rose from N1.75 trillion in 2024 to N9.9 trillion, reflecting the consolidation of ND Western’s assets and liabilities and the carrying value of Aradel’s effective interest in Renaissance.
The company also reported a 192 per cent increase in profit after tax to N757.3 billion from N259.1 billion in the previous year, while revenue rose by 20 per cent to N699.4 billion from N581.2 billion. Operating profit increased by 152 per cent to N733.6 billion from N291.4 billion, while earnings from associates rose by 246 per cent to N109.5 billion.
Aradel noted that the operational and income statement figures for 2025 do not include contributions from the newly acquired businesses because the transactions were completed on the last day of the financial year. It said only the balance sheet impact was consolidated as of December 31, 2025, while the full operational and earnings contributions are expected to be reflected from 2026.
Commenting on the results, Chief Executive Officer, Adegbite Falade, said “2025 was a defining year as we continued to strengthen our position as an integrated energy operating platform. We delivered record revenue and profitability, while executing the most transformational strategic expansion in our history.
Our additional 40 per cent investment in ND Western and the resultant increase in our total effective interest in Renaissance (53.3 per cent) significantly expanded our reserves, production base and operational footprint, positioning Aradel to operate at materially greater scale from 2026 onwards.”
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On operations, crude oil production rose by three per cent to 14.1 thousand barrels per day from 13.8 thousand barrels per day in 2024, while gas production increased by 59 per cent to 51.4 million standard cubic feet per day from 32.4 million standard cubic feet per day.
The company recorded crude oil sales of 4.1 million barrels during the year, up 32 per cent from the previous year, while refined product output increased by 18 per cent to 313.4 million litres. Refinery utilisation improved to 49 per cent from 40 per cent in 2024. Gas revenue increased by 72 per cent to N48.6 billion, while refined products revenue rose by 18 per cent to N210.8 billion. Crude oil exports remained the largest revenue source, contributing N440.1 billion, or 63 per cent of total revenue.
The company reported net cash generated from operating activities of N179.7 billion, compared with N311.9 billion in the previous year, while cash and cash equivalents rose to N1.5 trillion at the end of the period from N411.8 billion a year earlier.
Aradel’s board proposed a final dividend of N23 per share, bringing the total dividend for the 2025 financial year to N33 per share, compared with N26.4 per share paid for 2024.
Falade said the company would focus on integrating its expanded asset base, increasing production and diversifying revenue streams. “The consolidation of NDW and Renaissance fundamentally reset the scale of the Company’s balance sheet, giving us the asset and reserve base to underpin our future expansion. Our 2025 audited accounts therefore capture the balance-sheet impact of these acquisitions; their full earnings contribution will be reflected in the Group’s consolidated financial results from 2026 onwards.”
