By Adewale Sanyaolu
Managing Director/Chief Executive Officer, Aradel Holdings, Mr. Adegbite Falade, has unveiled plans by the company to acquire additiona assets and make inroads into the renewable energy space.
Falade stated this at the 28th Annual General Meeting (AGM), held in-person and virtually, the first after it rebranded from Niger Delta Exploration and Production
Speaking on the future aspirations of the Company, the Managing Director stated that “We remain positive that the bright future of your company both in the near- and longer- terms will be sustained as we build on current momentum to deliver on the growth aspirations of scaling up in Ogbele (our flagship asset), bringing onstream production from Omerelu, bringing onstream the PMS unit of the Refinery, acquiring additional assets, introducing new verticals of business lines in the renewables, skilfully navigating the energy transition challenge, and being a key player in our nation’s energy security agenda.’’
Falade in his comment said “Distinguished shareholders of Aradel Holdings Plc, let me thank you for the unflinching support, and vote of confidence that has been reposed in the Board, and by extension the Management and Staff of your company to pilot the affairs of your company. Our results are the outcome of decades of vision, focus, and disciplined execution that have entrenched the company’s levels of resilience, redundancy and robustness. ‘’
Other key resolutions approved during the meeting include the ratification of Ms. Patricia Simon-Hart, as an Independent Non-Executive Director, the re-appointment of the External Auditors and the re-election of the Company’s Statutory Audit Committee.
In the year under review, Aradel Holdings received an Issuer rating of “A+/A1” from Global Credit Rating Limited.
Earlier in his remarks, the Chairman of Aradel Holdings Plc, Ladi Jadesimi, said “2022 was a challenging year for the Nigerian Energy industry. Despite this, we emerged with recorded improvements across the business due to our resilient and integrated business model, as well as sound financial measures adopted across our operations.
The Company recorded significant growth in key financial metrics with revenue increase of 28.2 per cent to N66 billion from N52 billion year-on-year. Profit before tax grew by 64.8 per cent to N33 billion from N20 billion in 2021.
In 2022, we began our rebranding journey and in the second quarter of 2023, we changed our name to Aradel Holdings Plc. The Company also clocked 30 in 2022, reaching a milestone worthy of mention. The new brand reflects our rich history and heritage as well as a future portfolio that explores renewable energy opportunities, in line with our strategic objectives of becoming a leading African Company delivering sustainable energy solutions for economic growth.’’
Based on this strong financial performance, the Board recommended a dividend of N35 per share to be paid to shareholders, an increase of 75 per cent from N20 per share in 2021. This was approved by the shareholders during the meeting.
A shareholder, Alhaja Kudaisi Ayodele, congratulated the Chairman and Board of Aradel Holdings Plc on the ‘beauty and uniqueness of the Company’s new name, noting that it carries the name of our Emeritus Chairman, Late Chief Aret Adams’.
She also commended the Chairman, the MD and the entire Aradel team on the ‘wonderful results that have been announced.’
Falade thanked all the shareholders and other stakeholders present and reassured them of the Management’s continuous commitment to strengthening stakeholder relations as well as business performance for the year ahead.