Aradel Holdings 9M 2026 results: production surge, interim dividend

Aradel Holdings Plc has released its unaudited results for the nine months ended 30 September 2026, the first reporting period in which ND Western and Renaissance operations are fully consolidated into the Group.

Group average production reached 144.7 kboepd, a 502% increase from 24.0 kboepd in the same period of 2025, exceeding the original full-year guidance range of 110 to 140 kboepd. The guidance has since been revised upward to 140 to 150 kboepd.

Revenue rose 633% to ₦3,949.7 billion, while EBITDA reached ₦2,098.4 billion at a 53% margin. Operating profit came in at ₦1,562.1 billion. The Group moved from a net debt position of ₦475.1 billion to a net cash position of ₦532.3 billion during the period.

IFRS profit after tax was ₦43.3 billion, reduced by a ₦529.1 billion earnout charge tied to Renaissance's acquisition of SPDC. Excluding adjusting items, profit after tax attributable to shareholders was ₦572.4 billion. Earnings per share stood at ₦32.57.

The Board declared an interim dividend of ₦7.00 per share. Unit field operating cost was US$7.9 per barrel of oil equivalent, within the stated guidance range of US$7.0 to US$9.0 per barrel.