Aradel Holdings, a leading oil and gas company in Nigeria, has announced its 2024 full-year financial results, reporting a pre-tax profit of N316.7 billion, more than double the N112.1 billion recorded in the previous year.
Strong Growth in Dollar Terms
In dollar terms, pre-tax profit surged by 59.7% to $214 million in 2024, driven by increased revenue from crude oil sales and refined products.
Exceptional Profit Growth
- Profit after tax: Increased significantly to N259 billion, compared to N53.7 billion in 2023—representing a 380% rise or a 4.8x growth in profits.
- Dollar terms: Profit after tax rose from $69 million to $175.1 million, reflecting a 2.5x increase.
This impressive financial performance highlights Aradel Holdings’ strong operational efficiency and revenue diversification, reinforcing its position as a key player in Nigeria’s oil and gas sector.
