Aradel goes big: Assets hit ₦9.9trn, profit jumps 192% on ND western, Renaissance deal
CHIGOZIE AMADI
Aradel Holdings Plc has closed out 2025 as a new-scale player in Nigeria’s energy space, posting record earnings and a balance sheet reset after landmark acquisitions that lifted its total assets 466% to ₦9.9 trillion.
The integrated indigenous energy company released audited results for the 12 months ended 31 December 2025 with revenue up 20% to ₦699.4 billion and profit after tax soaring 192% to ₦757.3 billion. The jump was powered by operational gains and non-recurring accounting gains tied to deals completed on 31 December 2025.
According to the report, the game-changer was Aradel’s acquisition of an additional 40% stake in ND Western Limited. That pushed its total effective equity in Renaissance Africa Energy Company to 53.3%.
Management says the transaction “significantly expanded the Company’s reserves, production base and operational footprint,” setting up materially greater scale from 2026.Because the deals closed on the last day of 2025, the income statement reflects Aradel’s standalone performance.
The earnings from ND Western and Renaissance flowed in as “share of profit from associates,” up 246% to ₦109.5 billion. Their full operational impact will hit consolidated results from 2026.Strong ops despite headwinds
Crude oil production rose 3% year-on-year to 14.1 kbbls/day, anchored by Ogbele Field optimisation. Gas was the bigger story: output climbed 59% to 51.4 mmscf/day, with a record peak of 83.8 mmscf/day during the year. Crude sales jumped 32% to 4.1 million barrels, evacuated reliably via the Trans Niger Pipeline and Alternative Crude Evacuation system.
Downstream, refinery utilization improved to 49% from 40% in 2024. Refined product output grew 18% to 313.4 million litres, with November hitting 1.05 million litres/day – the highest monthly average since commissioning. Safety held strong with 10.2 million LTI-free man-hours across operated assets.
Balance sheet reset, bigger dividend
The ND Western consolidation and Renaissance carrying value drove total assets from ₦1.75 trillion to ₦9.9 trillion. Operating profit climbed 152% to ₦733.6 billion, boosted by a ₦217.1 billion gain on bargain purchase and ₦393.2 billion currency translation gain from the business combination.
Reflecting confidence in the outlook, the Board proposed a final dividend of ₦23.0 per share, taking total 2025 dividend to ₦33.0 per share – a 26% increase in US dollar terms vs 2024.
The managing Director of Aradel , Adegbite Falade called 2025 “a defining year” that strengthened Aradel’s position as an integrated energy platform. “Our 2025 audited accounts capture the balance-sheet impact of these acquisitions; their full earnings contribution will be reflected from 2026 onwards,” he said. For 2026, focus shifts to consolidating the expanded portfolio, improving efficiency, increasing production and diversifying revenue to support long-term shareholder value.
Aradel Holdings Plc, listed on NGX since October 2024, operates through Aradel Energy, Aradel Gas, Aradel Refineries, ND Western Limited, and Renaissance Africa Energy. It is Nigeria’s foremost integrated independent energy company.
