Hold on to your hats, folks! Aradel Holdings just dropped some serious financial fireworks. They’ve reported a jaw-dropping N321.6 billion pre-tax profit for 2024, and that’s just the tip of the iceberg. Buckle up as we dive into the juicy details of this financial success story.
Here’s a quick rundown of the key takeaways:
- Massive pre-tax profit of N321.6 billion in 2024.
- Revenue soared to N581.022 billion, a 162.74% jump from 2023.
- Profit after tax is up by a staggering 361.10%
- Significant growth in assets and equity.
- Company listed on the Nigerian Stock Exchange (NGX).
Aradel’s Revenue Rocket: The Numbers Don’t Lie
Aradel’s revenue went from a solid N221.142 billion in 2023 to an astonishing N581.022 billion in 2024. That’s a 162.74% increase! The surge was fuelled by some powerful forces, including:
- A 244.6% leap in export crude oil revenue.
- A 174.7% hike in gas revenue.
- A 74.9% boost in refined products revenue.
Digging Deeper: Profitability and Operational Wins
The company isn’t just making more money; they’re also becoming more efficient. Aradel’s CEO, Mr Adegbite Falade, pointed to increased hydrocarbon production and the successful comeback of the Omerelu Field as major factors in this great performance. Achieving First Oil in May 2024 was a game-changer.
While revenue surged, costs also increased, impacting the profit margins. Despite this, the company still managed to boost the net profit by a whopping 361%. The key figures look like this:
- Revenue: N581.022 billion (+162.74% YoY)
- Cost of Sales: N261.213 billion (+231.45% YoY)
- Gross Profit: N319.809 billion (+124.69% YoY)
- Operating Profit: N297.474 billion (+160.81% YoY)
- Profit After Tax: N247.786 billion (+361.10% YoY)
- Earnings Per Share: N57.03 (+361.03% YoY)
Balance Sheet Bonanza
Aradel’s balance sheet is looking as healthy as ever. Total assets are up by 89%, reaching a staggering N1.745 trillion. Equity almost doubled, rising by 97.67% to N1.393 trillion. Liabilities also increased by 60.9%, mainly due to taxes and foreign exchange adjustments.
The company’s free cash flow grew by 98%, hitting N178.5 billion. This puts Aradel in a sweet spot to make investments, including refining expansions and acquisitions, without relying too much on external loans. It’s like having a fat savings account – the more money you have, the more opportunities you can explore.
A Landmark Year
2024 was a monumental year for Aradel. They made their debut on the Nigerian Stock Exchange (NGX) in October, marking a major milestone. They also gave out an N8 per share interim dividend. The stock performance had some ups and downs, but the trend is now going upwards again.
What’s Next for Aradel?
Looking ahead to 2025, Aradel has big plans to develop the Olo, Olo West, and Omerelu Fields. This is not a company that’s slowing down. With strong financial performance and strategic initiatives, Aradel is set to make even bigger waves in the energy sector.
This Nigerian company is definitely one to watch!