Newly-listed Aradel Holdings reports 477% jump in nine-month profit

Nigerian Exchange’s newest member Aradel Holdings, which was admitted to the bourse’s elite listing segment (Main Board) only this month, reported N110.6 billion in net profit for the first nine months of the year, 477 per cent higher than the same period of last year.

The oil driller recorded notable improvements across all its revenue streams, with crude oil sales which singly contributed 66.6 per cent of turnover, accelerating to N251.7 billion from N55.9 billion.

Aradel…