Aradel shares extend decline to 36% after earnings report

Aradel Holdings Plc, a Nigerian oil and gas operator, fell by 10 percent on Friday, losing more than a third of its share price in two weeks of trading after listing on the Nigerian Exchange Limited.

The stock first dropped by the maximum limit of 10 percent on Thursday, a day after the company released its third-quarter earnings report that showed a threefold jump in its profit before tax. It declared an interim dividend of N8.00 per ordinary share to be paid to shareholders.

Its share price closed at N445.60, compared to N702.69 on October 14.

The company has seen its market capitalisation plunge to N1.94 trillion from N3.05 trillion when it was listed.