Aradel's Q1 2026 profits surge 322% but 66.5% revenue comes from outside Nigeria

Aradel Holdings Plc reported Q1 2026 pre-tax profit of N283.84 billion – a 322.5% jump from N67.17 billion in Q1 2025. Revenue surged 265% year-on-year to N728.52 billion, the highest quarterly since 2023. However, only N243.92 billion (33.48%) came from Nigeria, while N484.60 billion (66.52%) was earned internationally.

The surge was driven by explosive crude oil revenue growth (240.98% to N484.60B) and staggering gas revenue increase (4,159.30% to N187.92B), though refined production fell 21%. Operations benefited from consolidating NDW and Renaissance subsidiaries, with average production jumping to 141,118 boepd (up 672%). Cash from operations soared 27x to N868.33 billion.

On June 22, 2026 results day, Aradel closed at N1,750 – unchanged from Friday but up 161% year-to-date despite a 13.65% monthly decline.

Given that two-thirds of Aradel's record revenue comes from outside Nigeria, what does this mean for local economic benefits versus global shareholder gains?

SOURCE: https://nairametrics.com/2026/06/23/aradels-pre-tax-profit-rises-323-to-n284-billion-in-q1-2026/