Aradel Holdings Plc has reported a robust financial performance for the first quarter ended March 31, 2026, with revenue and profit more than doubling year-on-year, driven by the first full-quarter consolidation of its enlarged group operations.
The company, in its unaudited results, posted revenue of N728.5 billion, representing an increase of 265 per cent from N199.9 billion recorded in the corresponding period of 2025. Profit after tax rose significantly by 252 per cent to N120.3 billion, compared with N34.2 billion in Q1 2025.
The strong performance reflects the integration of Newcross Exploration and Production Limited (NDEP) and Renaissance Africa Energy Company Limited, marking the first quarter in which their combined contributions were fully captured in Aradel’s earnings.
Operationally, the group recorded a sharp increase in production volumes. Average production rose to 141,118 barrels of oil equivalent per day (boepd), up by 672 per cent from 18,280 boepd in Q1 2025. This was largely driven by the consolidation of NDEP and Renaissance volumes, alongside steady output from existing assets.
Crude oil production averaged 56,510 barrels per day, representing a 276 per cent increase, while gas production surged by 2,503 per cent to 507.7 million standard cubic feet per day (mmscfd), supported by improved pipeline availability and strong demand.
However, refined product output declined by 21 per cent to 698.3 kilolitres per day, due to feedstock constraints and operational challenges.
On the financial side, earnings before interest, tax, depreciation and amortisation (EBITDA) climbed by 518 per cent to N537.7 billion, compared with N87.1 billion in the prior year. Operating profit also rose sharply by 487 per cent to N372.9 billion.
Cash generation remained strong, with cash flow from operations increasing by 2,736 per cent to N868.3 billion, underscoring the enhanced earnings capacity of the enlarged group.
The company’s cash position stood at N41.6 billion at the end of the quarter, indicating solid liquidity.
Commenting on the results, the Chief Executive Officer, Mr Adegbite Falade, said the quarter marked a significant milestone for the company, as it demonstrated the financial strength and operational scale of the enlarged entity.
He noted that production growth and improved cash generation were key highlights, with output rising substantially and operating cash flow increasing nearly twenty-seven-fold.
Falade added that the performance validates the company’s strategy of expanding across the upstream, gas, and refining value chain, while leveraging synergies from acquired assets.
He said Aradel would continue to focus on optimising its asset base, improving operational efficiency, and increasing production, while also pursuing further diversification of revenue streams.
The results position Aradel as a stronger player in Nigeria’s energy sector, with enhanced capacity to deliver sustained growth amid evolving market dynamics.
