Aradel Holdings Plc said it will prioritise operational optimisation and increased gas supply in 2026 as it moves to integrate recently acquired assets and scale up production. The company told investors in its audited 2025 results that planned efficiency measures — including further well optimisation, expanded gas well capacity and refinery uptime improvements — are intended to translate the balance-sheet gains from its late-2025 acquisitions into higher output and recurring earnings from next year.
The company raised crude production output by three per cent year-on-year and gas production rising by 59 per cent in 2025, which boosted its overall revenue growth.
Crude oil production climbed to 14.1 kbbls/day, driven by well optimisation and reservoir management, while gas production increased to 51.4 million standard cubic feet a day (mmscf/day) supported by new gas wells and enhanced recovery; highest-ever rate of c.83.8 mmscf/day achieved during the period.
Aradel Nigeria’s leading integrated indigenous energy company, dropped the information while announcing its audited results for the twelve months ended 31 December 2025.
The year 2025 was a transformative year for Aradel, defined by landmark acquisitions that reshaped its growth trajectory.
The Group completed the acquisition of an additional 40 per cent interest in ND Western Limited (ND Western), bringing its total effective equity in Renaissance Africa Energy Company (Renaissance) to 53.3 per cent post-acquisition. The transaction significantly expanded the Company’s reserves, production base and operational footprint, positioning Aradel for materially
greater scale.
This strategic progress was matched by strong financial performance with revenue growing by 20 per cent to N699.4 billion, profit after tax rose by 192 per cent to ₦757.3 billion and total assets grew by 466 per cent to N9.9 trillion, establishing a platform with the scale and reserve base to underpin Aradel’s continued expansion.
The acquisitions of the additional interests in ND Western and Renaissance were completed on 31 December 2025.
Accordingly, the operational and income statements presented below reflect Aradel’s standalone performance for the period and do not include the operational or earnings contribution of the acquired businesses.
In line with IFRS, only the balance sheet has been consolidated as at the acquisition date, with the assets and liabilities o f ND Western and Renaissance reflected in the Group’s total assets at 31 December 2025.
The earnings contribution of these businesses for the period is therefore recognised within the share of profit from associates for the period, while their full operational and in come statement impact is expected to be reflected in the Group’s consolidated financial results from 2026 onwards .
The firm recorded crude oil sales of 4.1 mmbbls, up 32 per cent YoY, with reliable evacuation via the Trans Niger Pipeline (TNP) and Alternative Crude Evacuation (ACE) system.
Refinery utilization improved to 49 per cent (FY 2024: 40%); refined product output of 313.4 million litres, up 18 per cent YoY.
Mr. Adegbite Falade, Chief Executive Officer, commented: 2025 was a defining year as we continued to strengthen our position as an integrated energy operating platform. We delivered record revenue and profitability, while executing the most transformational strategic expansion in our history. Our additional 40% investment in ND Western and the resultant increase in our total effective interest in Renaissance (53.3%) significantly expanded our reserves, production base and operational footprint, positioning Aradel to operate at materially greater scale from 2026 onwards.
The consolidation of NDW and Renaissance fundamentally reset the scale of the Company’s balance sheet, giving us the asset and reserve base to underpin our future expansion. Our 2025 audited accounts therefore capture the balance-sheet impact of these acquisitions; their full earnings contribution will be reflected in the Group’s consolidated financial results from 2026 onwards.
Looking ahead, our focus in 2026 is on consolidating our expanded portfolio to enhance operational scale, improve efficiency across our assets, increase production and further diversify our revenue base anchored on our long-term ambition to grow the Group’s production to support sustainable, long-term shareholder value. Reflecting the strength of our performance and confidence in our outlook, the Board is pleased to propose a final dividend of ₦23.0 (US$0.016) per share, taking the total 2025 distribution to ₦33.0 (US$0.024).
The firms Ogbele Field continued to anchor Group production, supported by the Phase 2 drilling campaign and improved well-flow optimisation.
The Company achieved its highest-ever gas production rate of approximately 83.8 mmscf/day, attributable to the gas revamp and expansion project, underscoring Aradel’s growing role in Nigeria’s domestic gas supply and energy transition agenda.
Downstream
Refinery utilization improved to 49 per cent underscoring further upside potential and additional opportunities to optimise the refinery business. Output reached approximately 1.05 million litres per day in November 2025 the highest monthly average since commissioning.
Refined product output increased by 18 per cent to 313.4 million litres in FY 2025, up from 264.9 million litres in FY 2024, reflecting improved refinery uptime and expanded capacity. Of this, sales volumes of 302.9 million litres were recorded during the period, up by 26 per cent YoY.
