LAGOS- Arabel Holdings Plc has recorded a 97.6 per cent growth in revenue in the first quarter of 2025, from N101.1 billion to N199.9 billion for the quarter ended March 31, 2025.
The company made this known in a corporate disclosure released through the Nigerian Exchange Ltd. on Monday.
The company also witnessed an uptrend in profit, moving from N22.0 billion in the first quarter of 2024 to N34.2 bilion within the period under review.
Its EBITDA rose from N52.4 billion to N87.1 billion, with a 66.2 per cent growth.
The operating profit stood at N63.6 billion, up 79.1 per cent from N35.5 billion, stemming from higher volumes sold in the period, resulting to increased revenue in 2025.
It also recorded a drop in exchange loss due to lesser pace of naira devaluation.
Also, finance costs increased by 62.7 per cent to N5.4 billion from N3.3 billion, driven primarily by additional borrowings to finance the Shell Petroleum Development Company of Nigeria( SPDC) acquisition.
Finance Income increased by 28 per cent to N4.9 billion from N3.3 billion, resulting from interest-bearing investments of cash and cash equivalents.
Reacting to the report, Mr Adegbite Falade, Chief Executive Officer of Aradel Holdings Plc, said, “Aradel’s Q1, 2025 performance is in line with our desire to build on the momentum that the company generated in 2024.
“The increase in crude production and attendant revenues was because of more volumes from the additional wells drilled, and the continued extended well test at the Omerelu field.
“We expect an improvement in Q2, 2025.
On our gas output, we were challenged by gas pipeline issues during the quarter which also impacted on our liquids production.
“However, we resolved these at the end of the period and we are putting in place measures that will limit the recurrence.
“These, coupled with the expansion and optimisation of our throughput capacity across our evacuation lines, put us in a good position for the rest of the year.” (NAN)
