Aradel Holdings Plc, an integrated indigenous energy Company listed on the NASD Exchange and the FMDQ, has announced a final dividend of N170 per share, as recommended by the Board of Directors was approved by the shareholders at its recently held 29th annual general meeting (AGM).

Speaking at the event, which held virtually, the Chairman of Aradel Holdings Plc, Ladi Jadesimi, said in the 2023 financial trading year, the firm’s performance was characterised by unprecedented growth, underpinned by the sound strategic initiatives implemented in 2022 in addition to the 2023 new initiatives.

“We increased our overall crude production volumes and enhanced our well delivery performance and potential. The Alternative Crude Evacuation (ACE) system completed in 2022 was subsequently optimised further during the year under review, facilitating the safe evacuation of crude with the impact being a significant reduction in crude loss compared to levels experienced in prior years,’’ he explained.

These initiatives leading to 2023, ensured the Company recorded revenue growth of 234.5 per cent to N221.1 billion ($342.3 million) from the N66.1 billion ($156.1 million) attained in 2022. The Company also achieved a significant increase of 254.9 per cent in Profit After Tax (PAT) to N53.7 billion ($69.1 million) from N15.1 billion ($35.5 million) recorded in 2022.

The Chief Executive Officer/Managing Director of Aradel Holdings, Adegbite Falade, hailed the performance thus: “The dogged pursuit of multiple initiatives, guided by the visionary wisdom of a most experienced Board of Directors, fuelled by an extremely hard-working, passionate and dedicated workforce created mutually assuring outcomes that enabled the outstanding growth in the operational performance seen in 2023.’’

SOURCE: THENATION