By Motolani Oseni
Aradel Holdings Plc recorded significant growth in key financial metrics with revenue increasing by 28.2 per cent to N66billion in 2022 from N52 billion year-on-year.
This is even as it paid N35 per share dividend to its shareholders for the year ended December 31, 2022.
Similarly, its profit before tax grew by 64.8 per cent to N33 billion from N20 billion in 2021.
The figures were announced at its 28th Annual General Meeting (AGM), the first after it rebranded from Niger Delta Exploration & Production Plc.
The hybrid event was held in Victoria Island, Lagos, and had in attendance shareholders, regulators and company directors, amongst other stakeholders.
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Addressing the shareholders at the AGM, the chairman of Aradel Holdings Plc, Ladi Jadesimi, said: “2022 was a challenging year for the Nigerian Energy industry. Despite this, we emerged with recorded improvements across the business due to our resilient and integrated business model, as well as sound financial measures adopted across our operations.”
Based on this strong financial performance, the board recommended a dividend of N35 per share to be paid to shareholders, an increase of 75 per cent from N20 per share paid in 2021. This was approved by the shareholders during the meeting.
The managing director/CEO of Aradel Holdings, Adegbite Falade, appreciated shareholders for the unflinching support, and vote of confidence that has been reposed in the board, management and staff of the company, adding that, “our results are the outcome of decades of vision, focus, and disciplined execution that have entrenched the company’s levels of resilience, redundancy and robustness.‘’
Speaking on the future aspirations of the company, the managing director stated that, the firm remains positive that the bright future of the company both in the near- and longer- terms will be sustained as it builds on current momentum to deliver on the growth aspirations of scaling up in Ogbele (its flagship asset), bringing onstream production from Omerelu, bringing onstream the PMS unit of the refinery, acquiring additional assets, introducing new verticals of business lines in the renewables, skilfully navigating the energy transition challenge, and being a key player in the nation’s energy security agenda.
Other key resolutions approved during the meeting include the ratification of Ms. Patricia Simon-Hart as an Independent Non-Executive director, the re-appointment of the External Auditors and the re-election of the company’s Statutory Audit Committee.
A shareholder, Alhaja Kudaisi Ayodele, congratulated the chairman and board of Aradel Holdings Plc on the ‘beauty and uniqueness of the company’s new name, noting that, ‘it carries the name of our Emeritus Chairman, Late Chief Aret Adams.’