Aradel Holdings Plc delivered another strong financial and operational performance in Q3:2025, sustaining its growth trajectory across upstream, gas, and refining operations. The Group recorded a 43% YoY increase in 9M revenue to NGN538.81bn (9M:2024 NGN377.58bn), underpinned by higher production volumes and efficiency gains across its integrated asset base.

Net income rose sharply by 121.67% YoY to NGN245.13bn, driven by strong equity contributions from associate companies ND Western and Renaissance Africa Energy. An interim dividend of NGN10.00 per share was declared, a 25% increase from the prior year, reaffirming the company s commitment to consistent shareholder returns. 

We expect Aradel s full-year 2025 performance to be substantially significant compared to FY:2024 supported by higher volumes, sustained associate income, and cost optimization. Continued operational improvements at Ogbele, Omerelu, and the refining business are expected to enhance margins. The 25% rise in interim dividend to NGN10.00 per share signals management s confidence in sustaining profitability and cash flow strength. However, we place an NEUTRAL recommendation on ARADEL.

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