Board remuneration up, final dividend declared as profit surges 70% year-on-year
At its 30th Annual General Meeting (AGM) held on May 28, 2025, Aradel Holdings Plc approved significant changes to directors’ remuneration and confirmed a final dividend of N22 per share, following an exceptional first-quarter performance.
Boost in Board Remuneration
Shareholders endorsed an upward review of fees paid to the company’s directors. The annual remuneration for the Board Chairman was increased from $55,000 to $68,750, while his sitting allowance rose from $2,100 to $2,625 per meeting.
Non-executive directors also received a pay boost, with annual fees moving from $32,400 to $40,500 and sitting allowances rising from $1,100 to $1,375. The remuneration adjustments reflect the company’s improved financial standing and market confidence.
Final Dividend Declared
The meeting also approved a final dividend of N22 per ordinary share, translating to a total payout of N95.5 billion to shareholders whose names were on the register as of the close of business on May 6, 2025. The dividend aligns with Aradel’s policy of delivering sustained shareholder value, especially after a stellar start to the year.
Q1 2025: A Blockbuster Quarter
Aradel Holdings posted a pre-tax profit of N67.1 billion in Q1 2025, representing a 70.08% increase from N39.4 billion in the same period in 2024. This strong performance was driven mainly by a surge in crude oil sales, which contributed N142.1 billion to total revenue.
Overall revenue nearly doubled to N199.8 billion, up 97.57% from N101.1 billion in Q1 2024. Refined products accounted for N53.3 billion, while gas sales contributed N4.4 billion.
Exports were the primary revenue driver, with international sales amounting to N142.1 billion, compared to N57.7 billion from the domestic market.
Aradel’s total assets climbed to N1.8 trillion, reflecting a 4.72% growth year-on-year, while retained earnings increased by 8.54% to N428.9 billion.
Board Appointments and Audit Committee
Shareholders re-elected Mr. Afolabi Oladele, Ms. Patricia Simon-Hart, and Mr. Olugbenga Adetoro to the board, following their retirement by rotation. They also ratified the appointment of Ms. Kerin Jayne Gunter as a Non-Executive Director.
Furthermore, Deloitte & Touche were re-appointed as external auditors for the 2025 financial year, with the board authorized to determine their fees.
The AGM confirmed the composition of the statutory audit committee for the year, comprising Mr. Femi Akinsanya, Mr. Eddie Efekoha, and Chief Gbola Akinola, SAN, as shareholder representatives, while Mr. Afolabi Oladele and Ms. Patricia Simon-Hart will represent the board.
Outlook
With a solid start to 2025 and strategic investments in upstream and midstream operations, Aradel Holdings appears well-positioned to sustain its growth momentum. The AGM’s resolutions further reinforce investor confidence in the company’s governance, performance, and long-term vision.