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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (16 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Aradel Holdings

ARADEL · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
Aradel Holdings Plc
Listing
ARADEL on the Nigerian Exchange, active · ISIN NGARADEL0004 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, signed / final · source

  • Revenue

    NGN 699 billion

    699,430,701 NGN thousands · p22

    +20.4% vs 2024

  • Operating profit / (loss)

    NGN 734 billion

    733,581,019 NGN thousands · p22

    +151.7% vs 2024

  • Profit / (loss) for the year

    NGN 757 billion

    757,342,748 NGN thousands · p22

    +192.3% vs 2024

  • Total assets

    NGN 9.90 trillion

    9,896,139,369 NGN thousands · p23

    +465.5% vs 2024

  • Total equity

    NGN 2.15 trillion

    2,148,276,043 NGN thousands · p23

    +53.0% vs 2024

  • Cash from operations

    NGN 208 billion

    208,066,879 NGN thousands · p26

    −31.7% vs 2024

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Revenue 699,430,701 581,151,376
Cost of sales (391,220,418) (224,632,552)
Gross profit 308,210,283 356,518,824
Dividend income1 4,157,900 144,965
Other (loss)/income2 (89,655,792)3 (9,016,847)
Gain on bargain purchase4 217,100,3285 –6
Translation gain on business combination7 393,187,7898 –6
Impairment loss9 (6,287,258) (13,221)
General and administrative expenses (93,132,231)10 (56,230,731)
Operating profit 733,581,01911 291,402,990
Finance income 18,433,295 15,958,982
Finance costs (26,522,469) (22,206,795)
Net Finance (cost)/income12 (8,089,174) (6,247,813)
Share of profit of an associate 109,517,71213 31,617,315
Profit before taxation 835,009,55714 316,772,492
Tax expense (77,666,809)15 (57,700,045)
Profit after taxation 757,342,74816 259,072,447
Non-controlling interest17 3,004,193 1,201,401
Foreign currency translation difference18 (495,832,480)19 313,013,085
Share of other comprehensive income of associate accounted for using the equity method20 –21 192,112,764
Foreign currency translation difference on NCI22 298,354 1,929,809
Net gain on equity instruments at fair value through other comprehensive income23 5,717,409 5,244,638
Fair value loss on equity investment in Chappal Energies24 (30,342,000) –21
Other comprehensive income for the year, net of tax (520,158,717)25 512,300,296
Total comprehensive income for the year 237,184,03126 771,372,743
Equity holders of the parent27 233,881,48428 768,241,533
Non-controlling interest29 3,302,547 3,131,210
  1. Printed “(89, 655, 792)”; read as (89,655,792). p22: Printed with irregular spacing inside the amount ('(89, 655, 792)', the same on the page image p22); read as the same digits grouped by commas, (89,655,792).
  2. Printed “217, 100, 328”; read as 217,100,328. p22: Printed with irregular spacing inside the amount ('217, 100, 328', the same on the page image p22); read as the same digits grouped by commas, 217,100,328.
  3. Printed “-”, read as nil: subtotal_arithmetic: is.operating_profit.
  4. Printed “393,187, 789”; read as 393,187,789. p22: Printed with irregular spacing inside the amount ('393,187, 789', the same on the page image p22); read as the same digits grouped by commas, 393,187,789.
  5. Printed “(93, 132, 231)”; read as (93,132,231). p22: Printed with irregular spacing inside the amount ('(93, 132, 231)', the same on the page image p22); read as the same digits grouped by commas, (93,132,231).
  6. Printed “733, 581, 019”; read as 733,581,019. p22: Printed with irregular spacing inside the amount ('733, 581, 019', the same on the page image p22); read as the same digits grouped by commas, 733,581,019.
  7. Printed “109, 517, 712”; read as 109,517,712. p22: Printed with irregular spacing inside the amount ('109, 517, 712', the same on the page image p22); read as the same digits grouped by commas, 109,517,712.
  8. Printed “835, 009, 557”; read as 835,009,557. p22: Printed with irregular spacing inside the amount ('835, 009, 557', the same on the page image p22); read as the same digits grouped by commas, 835,009,557.
  9. Printed “(77, 666, 809)”; read as (77,666,809). p22: Printed with irregular spacing inside the amount ('(77, 666, 809)', the same on the page image p22); read as the same digits grouped by commas, (77,666,809).
  10. Printed “757, 342, 748”; read as 757,342,748. p22: Printed with irregular spacing inside the amount ('757, 342, 748', the same on the page image p22); read as the same digits grouped by commas, 757,342,748.
  11. Printed “(495, 832, 480)”; read as (495,832,480). p22: Printed with irregular spacing inside the amount ('(495, 832, 480)', the same on the page image p22); read as the same digits grouped by commas, (495,832,480).
  12. Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
  13. Printed “(520,158, 717)”; read as (520,158,717). p22: Printed with irregular spacing inside the amount ('(520,158, 717)', the same on the page image p22); read as the same digits grouped by commas, (520,158,717).
  14. Printed “237 184 031”; read as 237,184,031. p22: Printed with irregular spacing inside the amount ('237 184 031', the same on the page image p22); read as the same digits grouped by commas, 237,184,031.
  15. Printed “233,881, 484”; read as 233,881,484. p22: Printed with irregular spacing inside the amount ('233,881, 484', the same on the page image p22); read as the same digits grouped by commas, 233,881,484.
Notes and alternative reported figures (14)
  1. “Dividend income” is an issuer-specific line, not mapped to a shared definition: Note 7, within operating profit.
  2. “Other (loss)/income” is an issuer-specific line, not mapped to a shared definition: Note 8: exchange differences, fair value loss on step acquisition and other items.
  3. “Gain on bargain purchase” is an issuer-specific line, not mapped to a shared definition: Note 9: provisional gain on the step acquisition of ND Western Limited.
  4. “Translation gain on business combination” is an issuer-specific line, not mapped to a shared definition: Note 10.
  5. “Impairment loss” is an issuer-specific line, not mapped to a shared definition: Note 12.
  6. “Net Finance (cost)/income” is an issuer-specific line, not mapped to a shared definition: Finance income less finance costs.
  7. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of profit.
  8. “Foreign currency translation difference” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified.
  9. “Share of other comprehensive income of associate accounted for using the equity method” is an issuer-specific line, not mapped to a shared definition: OCI, note 20.
  10. “Foreign currency translation difference on NCI” is an issuer-specific line, not mapped to a shared definition: OCI.
  11. “Net gain on equity instruments at fair value through other comprehensive income” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified; note 19.
  12. “Fair value loss on equity investment in Chappal Energies” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
  13. “Equity holders of the parent” is an issuer-specific line, not mapped to a shared definition: Attribution of TCI.
  14. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of TCI.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Property, plant and equipment 5,127,749,8081 676,637,344
Intangible assets 26,536,6792 1,251,000
Deferred tax assets 891,456,1403 –4
Financial assets5 25,423,318 43,288,424
Investment in associate –4 489,968,207
Investment in subsidiaries6 –4 –4
Other receivables7 397,705,000 –4
Right of use assets 35,472,004 –4
Total non-current assets 6,504,342,9498 1,211,144,975
Inventories 82,898,380 46,902,252
Trade and other receivables 1,730,680,210 68,753,253
Security deposit9 3,746,796 –10
Prepayments11 44,653,107 332,982
Financial assets5 1,466,184 496,045
Cash and Cash equivalents 1,504,676,46912 411,801,252
Restricted cash13 23,675,274 10,404,864
Total current assets 3,391,796,420 538,690,648
Total assets 9,896,139,369 1,749,835,623
Share capital 2,172,422 2,172,422
Share premium 22,819,670 22,819,670
Translation reserve14 471,642,392 967,474,872
Fair value reserve of financial assets at FVOCI (16,851,166) 7,773,425
Retained earnings 1,010,513,88715 395,210,352
Total equity attributable to equity holders of the company 1,490,297,20516 1,395,450,741
Non-controlling interests 657,978,838 8,659,222
Total shareholders' equity 2,148,276,04317 1,404,109,963
Borrowings 1,564,486,23318 40,945,047
Pensions & similar obligations 36,706,362 –19
Deferred tax liabilities 57,924,367 53,351,684
Environmental & legal provisions20 55,300,674 –19
Decommissioning liabilities21 1,455,693,25022 36,940,108
Total non-current liabilities 3,170,110,886 131,236,839
Trade, share based payment and other payables 2,397,511,399 120,852,179
Contract liabilities 870,039 2,780,114
Taxation 288,521,135 35,402,305
Lease liability 31,882,319 –23
Borrowings 438,920,481 55,454,223
Contingent Consideration24 1,420,047,067 –23
Total current liabilities 4,577,752,44025 214,488,821
Total liabilities 7,747,863,326 345,725,660
Total equity & liabilities 9,896,139,369 1,749,835,623
  1. Printed “5 127,749, 808”; read as 5,127,749,808. p23: Printed with irregular spacing inside the amount ('5 127,749, 808', the same on the page image p23); read as the same digits grouped by commas, 5,127,749,808.
  2. Printed “26,536, 679”; read as 26,536,679. p23: Printed with irregular spacing inside the amount ('26,536, 679', the same on the page image p23); read as the same digits grouped by commas, 26,536,679.
  3. Printed “891 456 140”; read as 891,456,140. p23: Printed with irregular spacing inside the amount ('891 456 140', the same on the page image p23); read as the same digits grouped by commas, 891,456,140.
  4. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  5. Printed “6 ,504, 342,949”; read as 6,504,342,949. p23: Printed with irregular spacing inside the amount ('6 ,504, 342,949', the same on the page image p23); read as the same digits grouped by commas, 6,504,342,949.
  6. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  7. Printed “1,504,676 469”; read as 1,504,676,469. p23: Printed with irregular spacing inside the amount ('1,504,676 469', the same on the page image p23); read as the same digits grouped by commas, 1,504,676,469.
  8. Printed “1, 010,513, 887”; read as 1,010,513,887. p23: Printed with irregular spacing inside the amount ('1, 010,513, 887', the same on the page image p23); read as the same digits grouped by commas, 1,010,513,887.
  9. Printed “1,490, 297,205”; read as 1,490,297,205. p23: Printed with irregular spacing inside the amount ('1,490, 297,205', the same on the page image p23); read as the same digits grouped by commas, 1,490,297,205.
  10. Printed “2 ,148, 276, 043”; read as 2,148,276,043. p23: Printed with irregular spacing inside the amount ('2 ,148, 276, 043', the same on the page image p23); read as the same digits grouped by commas, 2,148,276,043.
  11. Printed “1 564,486 233”; read as 1,564,486,233. p23: Printed with irregular spacing inside the amount ('1 564,486 233', the same on the page image p23); read as the same digits grouped by commas, 1,564,486,233.
  12. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
  13. Printed “1,455,693, 250”; read as 1,455,693,250. p23: Printed with irregular spacing inside the amount ('1,455,693, 250', the same on the page image p23); read as the same digits grouped by commas, 1,455,693,250.
  14. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
  15. Printed “4, 577,752,440”; read as 4,577,752,440. p23: Printed with irregular spacing inside the amount ('4, 577,752,440', the same on the page image p23); read as the same digits grouped by commas, 4,577,752,440.
Notes and alternative reported figures (10)
  1. “Financial assets” is an issuer-specific line, not mapped to a shared definition: Note 19.
  2. “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 47; dash in the Group columns.
  3. “Other receivables” is an issuer-specific line, not mapped to a shared definition: Note 23.
  4. “Security deposit” is an issuer-specific line, not mapped to a shared definition: Note 24.
  5. “Prepayments” is an issuer-specific line, not mapped to a shared definition: Note 26.
  6. “Restricted cash” is an issuer-specific line, not mapped to a shared definition: Note 27.
  7. “Translation reserve” is an issuer-specific line, not mapped to a shared definition: Note 40.
  8. “Environmental & legal provisions” is an issuer-specific line, not mapped to a shared definition: Note 35 (non-current).
  9. “Decommissioning liabilities” is an issuer-specific line, not mapped to a shared definition: Note 30 (non-current).
  10. “Contingent Consideration” is an issuer-specific line, not mapped to a shared definition: Note 36 (current).

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Profit before taxation1 835,009,557 316,772,492
Interest expense2 22,886,857 22,206,795
Interest income3 (18,101,050) (15,958,982)
Dividend received4 –5 (144,965)
Exchange (gain)/loss6 13,762,807 (9,350,159)
Share of profit from associate7 (109,517,712) (31,617,315)
Gain on bargain purchase8 (217,100,328) –5
Translation gain on business combination9 (405,111,935) Not reported in this filing10
Loss on Financial Asset at FV through PorL11 8,690,211 5,053,017
Hedge Cost Capitalized12 (4,070,228) (2,379,673)
Depreciation of property, plant and equipment13 80,898,490 79,634,399
Amortisation of intangible assets14 567,374 1,002,829
Impairment loss15 6,355,065 13,221
Provision no longer required16 (12,857,423) (45,296,575)
Fair value loss on step acquisition17 106,301,680 Not reported in this filing18
Gain on disposal of property, plant and equipment19 (45,581) –5
Bad debt written off20 315,892 3,421,599
Stock adjustment21 40,194,335 (26,708,739)
Operating cash flows before movement in working capital22 348,178,011 296,647,944
(Increase)/Decrease in trade and other receivables23 (73,738,107) (18,664,996)
(Increase)/Decrease in prepayments24 (1,016,844) (250,376)
Increase in inventories25 (27,087,415) (4,220,269)
(Increase)/Decrease in restricted cash26 (797,653) 1,205,362
Increase in trade, share based payment and other payables27 10,812,158 56,023,31428
(Decrease)/Increase in contract liabilities29 (1,910,075) 1,008,192
Cash generated by operating activities 254,440,075 331,749,17130
Tax paid (46,373,196) (27,176,699)
Net cash flows from operating activities 208,066,879 304,572,47231
Interest received 17,739,980 15,911,387
Dividend received32 13,270,074 4,140,133
Purchase of property, plant and equipment (138,725,200) (129,235,511)33
Purchase of intangible assets (224,531) (222,621)
Proceeds from disposal of assets 45,581 –34
Purchase of financial assets35 (48,601,816) (12,030,597)
Proceeds from liquidation of Financial asset36 4,495,167 –34
Net cash inflow on acquisition of subsidiaries37 832,530,983 –34
Net cash generated from/ (used in) investing activities 680,530,238 (121,437,209)38
Dividend paid to holders of the parent (139,035,020) (71,689,932)
Dividend paid to NCI holders39 (1,960,598) (217,429)
Interest paid40 (26,628,139) (9,444,797)
Repayment of borrowing (116,575,481) (32,439,025)
Additional borrowing 503,790,300 –41
Net cash flows used in financing activities 219,591,062 (113,791,183)
(Decrease)/Increase in cash and cash equivalents 1,108,188,179 69,344,080
Cash and cash equivalents - Beginning of year 411,801,252 183,008,535
Exchange rate effects on cash and cash equivalents (15,312,962) 159,448,637
Cash and cash equivalents - End of year 1,504,676,469 411,801,252
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_2p26mc49jzvr.cf_before_working_capital.
  2. Printed “56 023 314”; read as 56,023,314. p26: Printed with irregular spacing inside the amount ('56 023 314', the same on the page image p26); read as the same digits grouped by commas, 56,023,314.
  3. Printed “331 749 171”; read as 331,749,171. p26: Printed with irregular spacing inside the amount ('331 749 171', the same on the page image p26); read as the same digits grouped by commas, 331,749,171.
  4. Printed “304 572 472”; read as 304,572,472. p26: Printed with irregular spacing inside the amount ('304 572 472', the same on the page image p26); read as the same digits grouped by commas, 304,572,472.
  5. Printed “(129 235 511)”; read as (129,235,511). p26: Printed with irregular spacing inside the amount ('(129 235 511)', the same on the page image p26); read as the same digits grouped by commas, (129,235,511).
  6. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  7. Printed “(121 437 209)”; read as (121,437,209). p26: Printed with irregular spacing inside the amount ('(121 437 209)', the same on the page image p26); read as the same digits grouped by commas, (121,437,209).
  8. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (33)
  1. “Profit before taxation” is an issuer-specific line, not mapped to a shared definition: Indirect method: starting point, as printed at the top of the cash-flow statement.
  2. “Interest expense” is an issuer-specific line, not mapped to a shared definition: Adjustment to profit before tax.
  3. “Interest income” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  4. “Dividend received” is an issuer-specific line, not mapped to a shared definition: Adjustment (dash in 2025).
  5. “Exchange (gain)/loss” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  6. “Share of profit from associate” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  7. “Gain on bargain purchase” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  8. “Translation gain on business combination” is an issuer-specific line, not mapped to a shared definition: Adjustment; printed for 2025 only (405,111,935), unlike the income statement (393,187,789).
  9. Not reported in this filing: Not printed for 2024: the line 'Translation gain on business combination' carries a 2025 amount ((405,111,935)) only; the 2024 column is left blank (p26, checked on the page image).
  10. “Loss on Financial Asset at FV through PorL” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  11. “Hedge Cost Capitalized” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  12. “Depreciation of property, plant and equipment” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  13. “Amortisation of intangible assets” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  14. “Impairment loss” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  15. “Provision no longer required” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  16. “Fair value loss on step acquisition” is an issuer-specific line, not mapped to a shared definition: Adjustment; printed for 2025 only.
  17. Not reported in this filing: Not printed for 2024: the line 'Fair value loss on step acquisition' carries a 2025 amount (106,301,680) only; the 2024 column is left blank (p26, checked on the page image).
  18. “Gain on disposal of property, plant and equipment” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  19. “Bad debt written off” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  20. “Stock adjustment” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  21. “Operating cash flows before movement in working capital” is an issuer-specific line, not mapped to a shared definition: Subtotal.
  22. “(Increase)/Decrease in trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Working capital.
  23. “(Increase)/Decrease in prepayments” is an issuer-specific line, not mapped to a shared definition: Working capital.
  24. “Increase in inventories” is an issuer-specific line, not mapped to a shared definition: Working capital.
  25. “(Increase)/Decrease in restricted cash” is an issuer-specific line, not mapped to a shared definition: Working capital.
  26. “Increase in trade, share based payment and other payables” is an issuer-specific line, not mapped to a shared definition: Working capital.
  27. “(Decrease)/Increase in contract liabilities” is an issuer-specific line, not mapped to a shared definition: Working capital.
  28. “Dividend received” is an issuer-specific line, not mapped to a shared definition: Investing.
  29. “Purchase of financial assets” is an issuer-specific line, not mapped to a shared definition: Investing.
  30. “Proceeds from liquidation of Financial asset” is an issuer-specific line, not mapped to a shared definition: Investing.
  31. “Net cash inflow on acquisition of subsidiaries” is an issuer-specific line, not mapped to a shared definition: Investing, note 47.1.
  32. “Dividend paid to NCI holders” is an issuer-specific line, not mapped to a shared definition: Financing.
  33. “Interest paid” is an issuer-specific line, not mapped to a shared definition: Financing, note 29.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)1 173.62 59.35
Profit / (loss) attributable to shareholders (NGN thousands)3 754,338,5552 257,871,046
  1. Printed “754, 338, 555”; read as 754,338,555. p22: Printed with irregular spacing inside the amount ('754, 338, 555', the same on the page image p22); read as the same digits grouped by commas, 754,338,555.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic & diluted earnings per share”.
  2. Profit / (loss) attributable to shareholders: printed as “Equity holders of the parent”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividend paid to holders of the parent (139,035,020) NGN thousands Audited financial statements, p26
31 Dec 2024 Dividends paid (cash flow statement) Dividend paid to holders of the parent (71,689,932) NGN thousands Audited financial statements, p26

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: Deloitte & Touche (Ayodeji Ojo, FCA), unmodified opinion · signed

    Auditor's sign-off: Ayodeji Ojo, FCA - FRC/2013/PRO/ICAN/004/00000004521, for Deloitte & Touche

    Final status: The independent auditor's report (Deloitte & Touche, Ayodeji Ojo FCA, FRC/2013/PRO/ICAN/004/00000004521) is unmodified, dated 19 June 2026 and carries a handwritten signature and the ICAN seal (PDF p21, page image). The statement of financial position records board approval on 19 June 2026 with three handwritten signatures (CFO, CEO, Chairman; PDF p23, page image).

    Document date
    19 Jun 2026
    Published
    19 Jun 2026
    Auditor's report
    19 Jun 2026
    Board approval
    19 Jun 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “₦'000”)
    • Business combination: on 31 December 2025 the Group completed the step acquisition of ND Western Limited (and control of Renaissance Africa Energy Company Limited); acquisition accounting is provisional (IFRS 3), with a provisional gain on bargain purchase (217,100,328) and a translation gain on business combination (393,187,789 in the income statement; 405,111,935 in the cash-flow adjustments). Key audit matter (PDF p19).
    • Many Group amounts on pp22-23 and 26 are printed with irregular spaces inside the digit groups, on the page image as well as in the text layer ('(89, 655, 792)', '5 127,749, 808', '6 ,504, 342,949', '237 184 031'); they are recorded as printed with a corrected reading of the same digits grouped by commas.
    • The cash-flow page's text layer carries a stray '1,555' after 'Financing activities' that the page image does not show (p26); not transcribed.
    • Statements of changes in equity (pp24-25) and the Company (separate) columns are not transcribed.
    Technical details
    File
    136 pages, with a text layer
    SHA-256
    5e5fceb69691f5beab5a509f44e2faee36256087e9fa4d77c48fc20be287d632
    Entity as printed
    Aradel Holdings Plc
    Exchange copy
    retrieved 2026-10-08T18:01:52Z

Data notes

  • Other (loss)/income — Printed '(89, 655, 792)'; read as '(89,655,792)'. Printed with irregular spacing inside the amount ('(89, 655, 792)', the same on the page image p22); read as the same digits grouped by commas, (89,655,792). (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Gain on bargain purchase — Printed '217, 100, 328'; read as '217,100,328'. Printed with irregular spacing inside the amount ('217, 100, 328', the same on the page image p22); read as the same digits grouped by commas, 217,100,328. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Translation gain on business combination — Printed '393,187, 789'; read as '393,187,789'. Printed with irregular spacing inside the amount ('393,187, 789', the same on the page image p22); read as the same digits grouped by commas, 393,187,789. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • General and administrative expenses — Printed '(93, 132, 231)'; read as '(93,132,231)'. Printed with irregular spacing inside the amount ('(93, 132, 231)', the same on the page image p22); read as the same digits grouped by commas, (93,132,231). (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Operating profit — Printed '733, 581, 019'; read as '733,581,019'. Printed with irregular spacing inside the amount ('733, 581, 019', the same on the page image p22); read as the same digits grouped by commas, 733,581,019. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Share of profit of an associate — Printed '109, 517, 712'; read as '109,517,712'. Printed with irregular spacing inside the amount ('109, 517, 712', the same on the page image p22); read as the same digits grouped by commas, 109,517,712. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Profit before taxation — Printed '835, 009, 557'; read as '835,009,557'. Printed with irregular spacing inside the amount ('835, 009, 557', the same on the page image p22); read as the same digits grouped by commas, 835,009,557. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Tax expense — Printed '(77, 666, 809)'; read as '(77,666,809)'. Printed with irregular spacing inside the amount ('(77, 666, 809)', the same on the page image p22); read as the same digits grouped by commas, (77,666,809). (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Profit after taxation — Printed '757, 342, 748'; read as '757,342,748'. Printed with irregular spacing inside the amount ('757, 342, 748', the same on the page image p22); read as the same digits grouped by commas, 757,342,748. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Equity holders of the parent — Printed '754, 338, 555'; read as '754,338,555'. Printed with irregular spacing inside the amount ('754, 338, 555', the same on the page image p22); read as the same digits grouped by commas, 754,338,555. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Foreign currency translation difference — Printed '(495, 832, 480)'; read as '(495,832,480)'. Printed with irregular spacing inside the amount ('(495, 832, 480)', the same on the page image p22); read as the same digits grouped by commas, (495,832,480). (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Other comprehensive income for the year, net of tax — Printed '(520,158, 717)'; read as '(520,158,717)'. Printed with irregular spacing inside the amount ('(520,158, 717)', the same on the page image p22); read as the same digits grouped by commas, (520,158,717). (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Total comprehensive income for the year — Printed '237 184 031'; read as '237,184,031'. Printed with irregular spacing inside the amount ('237 184 031', the same on the page image p22); read as the same digits grouped by commas, 237,184,031. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Equity holders of the parent — Printed '233,881, 484'; read as '233,881,484'. Printed with irregular spacing inside the amount ('233,881, 484', the same on the page image p22); read as the same digits grouped by commas, 233,881,484. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p22)
  • Property, plant and equipment — Printed '5 127,749, 808'; read as '5,127,749,808'. Printed with irregular spacing inside the amount ('5 127,749, 808', the same on the page image p23); read as the same digits grouped by commas, 5,127,749,808. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Intangible assets — Printed '26,536, 679'; read as '26,536,679'. Printed with irregular spacing inside the amount ('26,536, 679', the same on the page image p23); read as the same digits grouped by commas, 26,536,679. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Deferred tax assets — Printed '891 456 140'; read as '891,456,140'. Printed with irregular spacing inside the amount ('891 456 140', the same on the page image p23); read as the same digits grouped by commas, 891,456,140. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Total non-current assets — Printed '6 ,504, 342,949'; read as '6,504,342,949'. Printed with irregular spacing inside the amount ('6 ,504, 342,949', the same on the page image p23); read as the same digits grouped by commas, 6,504,342,949. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Cash and Cash equivalents — Printed '1,504,676 469'; read as '1,504,676,469'. Printed with irregular spacing inside the amount ('1,504,676 469', the same on the page image p23); read as the same digits grouped by commas, 1,504,676,469. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Retained earnings — Printed '1, 010,513, 887'; read as '1,010,513,887'. Printed with irregular spacing inside the amount ('1, 010,513, 887', the same on the page image p23); read as the same digits grouped by commas, 1,010,513,887. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Total equity attributable to equity holders of the company — Printed '1,490, 297,205'; read as '1,490,297,205'. Printed with irregular spacing inside the amount ('1,490, 297,205', the same on the page image p23); read as the same digits grouped by commas, 1,490,297,205. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Total shareholders' equity — Printed '2 ,148, 276, 043'; read as '2,148,276,043'. Printed with irregular spacing inside the amount ('2 ,148, 276, 043', the same on the page image p23); read as the same digits grouped by commas, 2,148,276,043. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Borrowings — Printed '1 564,486 233'; read as '1,564,486,233'. Printed with irregular spacing inside the amount ('1 564,486 233', the same on the page image p23); read as the same digits grouped by commas, 1,564,486,233. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Decommissioning liabilities — Printed '1,455,693, 250'; read as '1,455,693,250'. Printed with irregular spacing inside the amount ('1,455,693, 250', the same on the page image p23); read as the same digits grouped by commas, 1,455,693,250. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Total current liabilities — Printed '4, 577,752,440'; read as '4,577,752,440'. Printed with irregular spacing inside the amount ('4, 577,752,440', the same on the page image p23); read as the same digits grouped by commas, 4,577,752,440. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p23)
  • Increase in trade, share based payment and other payables — Printed '56 023 314'; read as '56,023,314'. Printed with irregular spacing inside the amount ('56 023 314', the same on the page image p26); read as the same digits grouped by commas, 56,023,314. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p26)
  • Cash generated by operating activities — Printed '331 749 171'; read as '331,749,171'. Printed with irregular spacing inside the amount ('331 749 171', the same on the page image p26); read as the same digits grouped by commas, 331,749,171. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p26)
  • Net cash flows from operating activities — Printed '304 572 472'; read as '304,572,472'. Printed with irregular spacing inside the amount ('304 572 472', the same on the page image p26); read as the same digits grouped by commas, 304,572,472. (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p26)
  • Purchase of property, plant and equipment — Printed '(129 235 511)'; read as '(129,235,511)'. Printed with irregular spacing inside the amount ('(129 235 511)', the same on the page image p26); read as the same digits grouped by commas, (129,235,511). (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p26)
  • Net cash generated from/ (used in) investing activities — Printed '(121 437 209)'; read as '(121,437,209)'. Printed with irregular spacing inside the amount ('(121 437 209)', the same on the page image p26); read as the same digits grouped by commas, (121,437,209). (Aradel Holdings Plc — Consolidated and Separate Financial Statements for the year ended 31 December 2025, p26)

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