ARADEL Holdings, a fully integrated energy conglomerate with operations spanning the upstream, midstream, and downstream sectors of the oil and gas industry, today, Monday lists its share at the Nigerian Exchange (NGX).
A notice disclosed that the organisation will list a total of 4,344,844,360 units on the main board of the NGX.
After the listing, the executives of Aradel Holdings meet capital market stakeholders for a Facts Behind the Listing presentation where they present the financial performance and speak on what to expect from the organisation.
With this listing on the NGX, Aradel Holdings is poised for a new phase of growth and visibility in the Nigerian capital market.
Prior to the listing on NGX, the energy firm, one of the bellwethers of the unlisted securities market, NASD over-the-counter (OTC) Securities Exchange, suspended trading on NASD as a result of its share split and redomination.
The initial 217,242,218 ordinary shares of N10 each were changed to 4,344,844,360 ordinary shares of 50 Kobo each, with the price going from N9,399.00 per unit at N10 each to N469.95 per unit at 50 Kobo each
At the company’s Annual General Meeting (AGM) earlier in June, Aradel shareholders approved the resolution to list on NGX by way of a listing by introduction.
Speaking at the meeting, Chairman of Aradel Holdings Plc, Ladi Jadesimi, was quoted to have said that in 2023, the company’s performance was characterised by unprecedented growth, underpinned by the sound strategic initiatives they implemented in 2022, in addition to the year’s new initiatives.
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.
The plan for this listing was laid in Aradel’s 2023 annual report, released in May 2024. In the report, 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, reaffirmed this vision, stating that the company remained on track to achieve its listing goals by the end of September.
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 percent increase from N19.33 billion in the same period in 2023.
Revenue also surged, reaching N167.14 billion—a 199 percent year-on-year increase compared to N55.83 billion in the previous year.
Additionally, Earnings Per Share (EPS) saw a tremendous rise of 1200 percent, jumping from N27.90 to N379.35 in the second quarter.
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.
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