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Aradel Holdings reports N728 billion Q1 revenue, significant profit growth
via Punch Nigeria2 min read
Aradel Holdings Plc, an integrated energy company, has released its unaudited consolidated financial statements for the first quarter ended March 31, 2026, showing substantial financial performance. The group's revenue reached N728.52 billion, a 264.5 percent increase from N199.87 billion in the same period of 2025. Profit before taxation rose by 322.5 percent to N283.84 billion from N67.17 billion in Q1 2025. After a tax expense deduction of N163.55 billion, net profit after tax tripled to N120.29 billion, up from N34.20 billion in the previous year. Gross profit increased to N256.28 billion from N78.89 billion, and operating profit advanced to N372.92 billion from N63.56 billion. Basic and diluted earnings per share doubled to N15.24 per share from N7.77 per share in Q1 2025. Chief Executive Officer, Adegbite Falade, attributed these results to improved production and operational efficiencies and strategic expansion into diversified energy segments. The performance was also supported by a significant increase in other income, which reached N208.88 billion compared to N614.07 million in the prior year. Cost of sales rose to N472.24 billion from N120.98 billion due to higher production volumes. Chief Financial Officer, Adegbola Adesina, noted that cash and cash equivalents grew to N1.60 trillion from N1.50 trillion at the end of December 2025, reinforcing the company's ability to self-fund initiatives. Total assets for the group stood at N9.06 trillion as of March 31, 2026, w
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The House of Representatives Committee on Petroleum Resources Midstream has committed to enhancing legislative oversight of Nigeria's midstream petroleum sector. This initiative aims to improve energy security, boost domestic gas utilization, and ensure greater accountability among operators and regulators. The committee's chairman, Odianosen Okojie, stated that lawmakers will move beyond relying solely on reports and will conduct direct engagements with facilities and stakeholders to understand industry realities. This commitment follows legislative retreats in Port Harcourt and Lagos, where challenges facing the sector were reviewed. The committee has already conducted site visits to Greenville LNG and Indorama Petrochemicals Ltd, expressing satisfaction with Indorama's contributions and engagement, while requesting further documentation from Greenville. The midstream sector, described as the crucial link between hydrocarbon production and domestic consumption, faces challenges including inadequate infrastructure, regulatory disputes, asset vandalism, and pipeline security concerns. The committee commended Pipeline Infrastructure Nigeria Limited PINL for its role in securing oil and gas assets and providing employment. Okojie emphasized that oversight will now be measured by tangible improvements for Nigerians, such as affordable cooking gas and reliable power, rather than just the number of hearings. The committee plans to hold both regulators and operators accountable, en
Must ReadThe death toll from an attack on Kawel village in Plateau State has risen to 22, including health workers, patients, and security personnel. Residents reported that gunmen invaded the community on Sunday night, shooting and attacking residents. The state police command confirmed 20 deaths, stating the attack occurred in the early hours of Sunday, June 21, 2026, at approximately 4:40 am. Police engaged the assailants, forcing them to retreat. Eighteen people died at the scene, and two of three injured victims later died in the hospital. The Commissioner of Police, CP Bassey Ewah, has deployed additional tactical teams and personnel to the area to de-escalate tension and search for the perpetrators. A Red Cross official and the Bokkos Youth Leader, Christopher Luka, confirmed the attack on the community's primary healthcare center, where health workers and patients were killed. The Chairman of the Community Peace Observers in Bokkos LGA, Kefas Mallai, stated that security personnel arrived after the attackers had left and accused security agencies of inaction despite prior intelligence. The attack follows the killing of District Head Saf Samuel Alaket less than a week prior.
Former UFC middleweight champion Israel Adesanya has stated his determination to continue competing, despite experiencing four consecutive defeats. Speaking on Demetrious Johnson鈥檚 Mighty Cast podcast, Adesanya emphasized that he does not want his career to conclude with a losing streak. His most recent loss was a technical knockout against Joe Pyfer at UFC Fight Night 271 in March, following earlier defeats to Sean Strickland, Dricus du Plessis, and Nassourdine Imavov. The Nigerian-born striker, 36, expressed that he refuses to let his current results define the end of his story and believes he can still achieve success. Adesanya acknowledged that his ego is a significant motivator and dismissed the idea that his past achievements mean he no longer needs to win. He reiterated his commitment to fighting, stating, "I will keep going again and again and again and again. I鈥檓 not leaving. You can鈥檛 stop me. I might get beaten, but I鈥檇 always remain undefeated." Adesanya entered the Pyfer bout with a 24-5 record, controlling the first round before Pyfer secured a ground-and-pound finish in the second.