Aradel Holdings Plc, an energy conglomerate, has experienced a substantial surge in its revenue during the first half of 2023, registering an impressive 217.6% increase to N74.5 billion compared to N23.5 billion reported for the same period in 2022.

These unaudited results, encompassing the period concluding on June 30, 2023, underscore the group’s robust performance.

Crude oil revenue increase

The boosted revenue stems from several factors, including a 53.2% rise in crude oil revenue (constituting 53.2% of total revenue) due to enhanced utilization of the Trans Niger Pipeline and Alternative Crude Oil Evacuation.

Gas revenue exhibited a noteworthy increase of 28.5%, while refined products contributed to a 51.6% upswing.

Aradel Holdings achieved a remarkable 416.2% surge in gross profit, amounting to N49.8 billion, compared to N9.6 billion in H1 2022.

Additionally, profit after tax exhibited significant growth, escalating by 173.9% to N13.1 billion from N4.8 billion in the same period the previous year.

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Adegbite Falade, the Chief Executive Officer and Managing Director of Aradel Holdings, attributed these commendable results to strategic initiatives undertaken in the latter part of 2022.

He highlighted the significant role of the Alternative Crude Oil Evacuation project, which notably contributed to operations, and underscored the completion of Well-12 and Well-13, with positive outcomes.

Falade expressed optimism in the future, anticipating the positive momentum to persist throughout the financial year.