Aradel Holdings Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	697,301	581,151	221,142	66,109	51,568
Revenue Growth (YoY)	19.99%	162.79%	234.51%	28.20%	58.53%
Cost of Revenue	417,277	227,149	79,842	24,738	37,261
Gross Profit	280,024	354,003	141,301	41,371	14,306
Selling, General & Admin	92,031	50,293	19,210	9,828	6,556
Other Operating Expenses	1,088	-8,633	3,197	769.09	-1,841
Operating Expenses	228,412	45,095	22,466	11,886	5,412
Operating Income	51,612	308,908	118,834	29,485	8,894
Interest Expense	-22,781	-20,241	-8,191	-2,673	-3,282
Interest & Investment Income	35,032	16,104	6,684	2,006	1,693
Earnings From Equity Investments	196,962	31,617	3,222	5,497	9,776
Currency Exchange Gain (Loss)	1,807	-19,616	-8,386	-1,071	3,176
Other Non Operating Income (Expenses)	-	-	-	13.79	-84.81
EBT Excluding Unusual Items	262,632	316,772	112,164	33,259	20,173
Gain (Loss) on Sale of Assets	45.58	-	-	4.28	7.72
Other Unusual Items	201,037	-	-	-	-
Pretax Income	463,714	316,772	112,164	33,263	20,180
Income Tax Expense	62,494	57,700	58,426	18,123	-9,223
Earnings From Continuing Operations	401,221	259,072	53,738	15,140	29,403
Minority Interest in Earnings	-3,287	-1,201	-990.66	-801.39	61.01
Net Income	397,934	257,871	52,747	14,339	29,464
Net Income to Common	397,934	257,871	52,747	14,339	29,464
Net Income Growth	54.32%	388.88%	267.86%	-51.33%	75.30%
Shares Outstanding (Basic)	4,345	4,345	4,345	4,345	4,345
Shares Outstanding (Diluted)	4,345	4,345	4,345	4,345	4,345
EPS (Basic)	91.59	59.35	12.14	3.30	6.78
EPS (Diluted)	91.59	59.35	12.14	3.30	6.78
EPS Growth	54.32%	388.88%	267.86%	-51.33%	75.30%
Free Cash Flow	63,676	175,337	90,232	21,882	15,675
Free Cash Flow Per Share	14.66	40.35	20.77	5.04	3.61
Dividend Per Share	-	30.000	10.000	1.750	1.000
Dividend Growth	-	200.00%	471.43%	75.00%	185.71%
Gross Margin	40.16%	60.91%	63.90%	62.58%	27.74%
Operating Margin	7.40%	53.15%	53.74%	44.60%	17.25%
Profit Margin	57.07%	44.37%	23.85%	21.69%	57.14%
Free Cash Flow Margin	9.13%	30.17%	40.80%	33.10%	30.40%
EBITDA	167,241	389,039	135,486	42,685	28,489
EBITDA Margin	23.98%	66.94%	61.27%	64.57%	55.24%
D&A For EBITDA	115,629	80,132	16,652	13,200	19,594
EBIT	51,612	308,908	118,834	29,485	8,894
EBIT Margin	7.40%	53.15%	53.74%	44.60%	17.25%
Effective Tax Rate	13.48%	18.21%	52.09%	54.48%	-

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.