Aradel Sees Record Profit Surge Amid Oil Boom

Aradel Holdings Plc has reported a significant increase in its pre-tax profit for the six months ended June 30, 2026. The company's unaudited H1 financial statement revealed a pre-tax profit of N752.71 billion, representing an impressive 293% growth from the corresponding period of 2025.

The revenue for the period also skyrocketed by 577%, reaching N2.49 trillion compared to N368.08 billion in 2025. This remarkable increase is primarily attributed to the expansion in crude oil production and sales, which remained the dominant contributor to group revenue.

Crude oil generated N1.98 trillion, accounting for approximately 79% of total revenue, while gas contributed N512.10 billion and refined products accounted for N129.44 billion. The segment delivered N545.70 billion in pre-tax profit, making it the largest earnings driver for the group.

Despite an increase in finance costs to N326.14 billion from N11.08 billion, driven primarily by interest expenses on bank borrowings and the unwinding of decommissioning obligations, the company's operating profit exceeded N1 trillion due to the strength of its upstream operations.