The Chairman of Aradel Holdings, Ladi Jadesimi, has stated that the company aims to achieve its growth target and successful listing this year on the main board of the Nigerian Exchange.
This was revealed by Jadesimi in the integrated indigenous energy company’s newly released annual report and accounts for 2023, according to The Punch.
As one of the top performers on the NASD OTC Exchange in 2023, Aradel Holdings Plc recorded a capital appreciation of 450.6 percent to N1,089 per share from N197.8 at the start of the year.
“In 2024, our strategic focus is to ensure the company sustains its growth trajectory, successfully listed on the main board of the Nigerian Exchange, further drive the development and optimization of assets, as well as the implementation of the succession of the company’s directors in line with the Nigerian Code of Corporate Governance and the Companies and Allied Matters Act 2020.”
“We also look forward to the completion of our PMS train, which will boost our production volumes, increase revenue, and drive more value creation. We aim to expand our operational footprint beyond Ogbele to Omerelu, which holds significant potential economic value. Increasing our employee value proposition continues to form part of our strategic focus for the coming year,” Jadesimi said.
According to Jadesimi, the listing is to increase the company’s visibility and access to capital.
“In line with this goal, we are ‘cultivating the culture of a listed company’ through reviewing and updating our policies to take into consideration evolving expectations and align with changing laws, regulations, and industry best practices, refining our equity story with increased disclosures, utilizing different messaging tools, to ensure our message is tailored to suit the needs of our intended audience, optimizing our various channels of communication to include a robust and a more investor-friendly website, social media pages, etc.
“As a result of these, we have achieved a better understanding and appreciation of the Aradel equity story and investment proposition, coupled with excellent performance of our stock which is currently listed on the NASD-OTC Exchange, improved transparency, as well as increased trust and confidence in the minds of the investing community,” he explained.
He pointed out that by the provisions of the NCCG, directors who have exceeded their term of office will cease to be members of the Board once the listing process is completed.
Meanwhile, the Chief Executive Officer of Aradel Holding, Adegbite Falade, stated that the company was able to maximize its liquidity by managing its debt and generating significant organic cash flow in 2023.
“By scaling up our operations across all our business segments and streamlining our processes, we successfully reduced our unit operating costs. We optimized our liquidity, benefiting from strong organic cash flow generation coupled with debt management. This prudent financial management underpins a positive financial outlook for our company, signaling a trajectory of sustained growth and stability,” he said.
According to Falade, the company is working strategically with external partners to deliver solar power mini-grid solutions for communities that do not have access to electricity grids.
Aradel Holdings in 2023, witnessed its total revenue increase by 234.5 per cent to N221.1bn compared to N66.1bn in the previous year, driven by crude oil exports generating N108.4bn, refined product sales, and gas business contributed N102.5bn and N10.2bn, respectively.
