Aradel Revenue Surges 633% to 3,949.7 Billion Naira in 9 Months
Key Facts
Aradel Holdings reported revenue of 3,949.7 billion naira for the nine months ended September 30, 2026, up 633% from 538.8 billion naira in the year-earlier period, alongside a sharp increase in production and a shift to a net cash position. The company said the year-on-year comparison largely reflects a change in the scope of accounting consolidation after ND Western and Renaissance were fully included in its results. It also announced an interim dividend of 7 naira per share for the period, compared with 10 naira in the year-earlier period. The results show a significant expansion in the group’s operating and financial activity during the period. The company also scheduled a discussion of the results with investors in November.
Aradel said ND Western and Renaissance were previously accounted for as associates under the equity method before becoming fully consolidated after the acquisition was completed on December 31, 2025. Therefore, the reported increase in revenue does not reflect comparable like-for-like growth, as the two companies’ activities were fully included in reporting during 2026. The company also attributed the rise in revenue to higher production and improved commodity prices. Average group production increased 502% to 144.7 thousand barrels of oil equivalent per day, from 24.0 thousand in the first nine months of 2025. Production exceeded the previous 2026 fiscal-year guidance range of 110–140 thousand barrels of oil equivalent per day, prompting the company to raise the range to 140–150 thousand.
On liquidity, net cash generated from operations reached 2,458.9 billion naira during the nine months, compared with 205.4 billion naira in the year-earlier period. The group moved from net debt of 475.1 billion naira on December 31, 2025, to net cash of 532.3 billion naira on September 30, 2026. The figures reflect an improvement in its cash position alongside an expansion in the scope of its operations, although the comparison includes the impact of fully consolidating the two companies. For shareholder returns, the company announced an interim dividend of 7 naira per share, compared with 10 naira per share for the corresponding nine months of 2025. The total dividend amounts to about 30.4 billion naira, according to the company’s announcement.
Commenting on operations, Chief Executive Adegbite Falade said the company had begun “constructive discussions with the vendor to address the deferred consideration arrangements,” adding that it had achieved “first oil production from the recently acquired Olo marginal field.” The company said deferred consideration would continue to accrue through the remainder of 2026 at a pace broadly in line with the rate recorded so far. It added that it expects operating earnings, cash and liquidity to remain strong after payments of this consideration. These developments link production growth from recently acquired assets with acquisition obligations that continue to affect the current period. The company did not specify in its announcement when discussions with the vendor would conclude.
The dividend is payable to eligible shareholders registered in accordance with the dates set out in the corporate action announcement, with electronic payment scheduled for December 7, 2026. Aradel will discuss its nine-month results in a conference call and webcast on Tuesday, November 3, 2026, at 14:00 West Africa Time. The chief executive and chief financial officer will take part, according to the results statement. The meeting is expected to give management an opportunity to present details of operating and financial performance to investors. It follows the company’s revision of its 2026 fiscal-year production guidance to 140–150 thousand barrels of oil equivalent per day.