Aradel Holdings, an oil and gas company operating in Nigeria, reported its 2024 FY results showing a pre-tax profit of N316.7 billion, more than double the N112.1 billion reported a year earlier.
In dollar terms, pre-tax profits soared 59.7% to $214 million in 2024 on the back of crude oil sales and refined products.
Profit after tax soared to N259 billion compared to N53.7 billion a year earlier, representing a 380% rise or a 4.8x growth in profits. In dollar terms, the company’s profits rose from $69 million to $175.1 million or 2.5x growth.
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