Aradel’s Nine-Month Profit Doubles, Buoyed by Shell Asset Purchase

Aradel Holdings Plc, a Nigerian indigenous energy independent, posted a more than two-fold increase in earnings after tax for the first nine months of the year, buoyed by its share of profit from Renaissance Africa Energy Company.

The Lagos-listed firm holds a total equity stake of 33.3 percent in Renaissance, comprising 12.5 percent direct stake and 20.8 percent through ND Western, in which it has an interest of 41.67 percent. Aradel and four other operators formed Renaissance for the acquisition of Shell Petroleum Development Company of Nigeria which was completed in March.

Its profit jumped to N245.12 billion in the period under review from N110.58 billion a year earlier, with its share of profits from Renaissance and ND Western put at N41.38 billion and N97.81 billion, respectively, according to its latest earnings report.

Aradel’s revenue increased to N538.81 billion from N377.58 billion.