Aradel Holdings is set to list on the Nigerian Exchange (NGX) on October 14, 2024, according to information obtained by Nairametrics.
This follows an earlier statement in August by the company’s Managing Director and Chief Executive Officer, Gbite Falade, where he disclosed the company’s intention to secure a spot on the NGX main board before the end of the third quarter.
Aradel Holdings, in a circular obtained by Nairametrics, stated its official listing date and announced plans to participate in the NGX’s closing gong ceremony on October 14 at 1:20 pm West African Time.
Backstory
The plan for this listing was laid in Aradel’s 2023 annual report, released in May 2024. In the report, Chairman Ladi Jadesimi emphasized the company’s focus on a successful listing on the NGX main board within the year.
“In 2024, our strategic focus is to maintain the company’s growth trajectory, achieve a successful listing on the main board of the Nigerian Exchange, further develop and optimize our assets, and implement succession plans for our directors” he stated.
Jadesimi highlighted that Aradel Holdings was actively shaping itself into a public company by revising its policies to meet evolving regulatory standards.
In August, Gbite Falade, the Managing Director and Chief Executive Officer, reaffirmed this vision, stating that the company remained on track to achieve its listing goals by the end of September.
Financial Performance
In August 2024, Aradel Holdings released its audited financial results on the NASD OTC platform, showcasing remarkable growth.
- The company reported a pre-tax profit of N122.78 billion for the second quarter of 2024, a dramatic 535.16% increase from N19.33 billion in the same period in 2023.
- Revenue also surged, reaching N167.14 billion—a 199% year-on-year increase compared to N55.83 billion in the previous year.
- Additionally, earnings per share (EPS) saw a tremendous rise of 1200%, jumping from N27.90 to N379.35 in the second quarter.
About Aradel Holdings
Aradel Holdings is a fully integrated energy conglomerate with operations spanning the upstream, midstream, and downstream sectors of the oil and gas industry.
Established on March 25, 1992, initially as the Midas Drilling Fund, it became Nigeria’s first integrated oil and gas investment company.
Founded by the late Chief Godwin Aret Adams, Aradel remains a key player in the industry and trades as a private equity entity on the NASD OTC Exchange.
With this upcoming listing on the NGX, Aradel Holdings is poised for a new phase of growth and visibility in the Nigerian capital market.
