Aradel Holdings Balance Sheet

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
Cash & Equivalents	1,474,283	411,801	183,009	60,709	12,808
Cash & Short-Term Investments	1,474,283	411,801	183,009	60,709	12,808
Cash Growth	258.01%	125.02%	201.45%	373.99%	150.76%
Accounts Receivable	2,564,448	67,019	51,432	17,538	4,859
Other Receivables	2,466	1,734	2,091	233.07	84.62
Receivables	2,566,913	68,753	53,523	31,543	18,617
Inventory	74,549	46,902	15,973	9,371	4,954
Prepaid Expenses	1,796	332.98	82.61	99.32	205.01
Restricted Cash	12,034	10,405	11,610	-	-
Other Current Assets	5,292	496.05	312.8	352.06	-
Total Current Assets	4,134,867	538,691	264,510	102,074	36,584
Property, Plant & Equipment	5,048,546	676,637	383,428	223,695	195,809
Long-Term Investments	60,151	533,257	274,285	134,385	118,844
Other Intangible Assets	845.39	1,251	1,212	467.55	779.67
Long-Term Deferred Tax Assets	1,004,499	-	-	12,760	25,417
Other Long-Term Assets	169,365	-	-	-	-
Total Assets	10,418,273	1,749,836	923,435	473,382	377,433
Accounts Payable	2,792,803	37,041	19,827	8,622	7,379
Accrued Expenses	59,333	61,231	27,719	11,293	6,745
Short-Term Debt	-	31,327	-	-	-
Current Portion of Long-Term Debt	215,822	24,128	17,622	17,725	7,666
Current Portion of Leases	21,530	-	-	-	-
Current Income Taxes Payable	468,034	35,402	14,422	4,510	2,705
Current Unearned Revenue	869.79	2,780	1,772	-	-
Other Current Liabilities	36,125	22,581	9,531	3,953	3,010
Total Current Liabilities	3,594,517	214,489	90,892	46,104	27,506
Long-Term Debt	1,788,575	40,945	44,350	36,023	13,544
Pension & Post-Retirement Benefits	31,577	-	-	-	-
Long-Term Deferred Tax Liabilities	-	53,352	18,386	-	-
Other Long-Term Liabilities	1,525,441	36,940	65,161	64,490	45,149
Total Liabilities	6,940,109	345,726	218,790	146,616	86,199
Common Stock	2,172	2,172	2,172	2,172	2,172
Additional Paid-In Capital	22,820	22,820	22,820	22,820	22,820
Retained Earnings	654,109	395,210	209,029	170,403	160,420
Comprehensive Income & Other	876,532	975,248	464,878	129,767	104,339
Total Common Equity	1,555,633	1,395,451	698,899	325,162	289,751
Minority Interest	1,922,531	8,659	5,745	1,604	1,483
Shareholders' Equity	3,478,164	1,404,110	704,645	326,766	291,234
Total Liabilities & Equity	10,418,273	1,749,836	923,435	473,382	377,433
Total Debt	2,025,926	96,399	61,972	53,748	21,210
Net Cash (Debt)	-551,643	315,402	121,037	6,961	-8,402
Net Cash Growth	-	160.58%	1638.78%	-	-
Net Cash Per Share	-126.97	72.59	27.86	1.60	-1.93
Filing Date Shares Outstanding	4,345	4,345	4,345	4,345	4,345
Total Common Shares Outstanding	4,345	4,345	4,345	4,345	4,345
Working Capital	540,350	324,202	173,618	55,971	9,078
Book Value Per Share	358.04	321.17	160.86	74.84	66.69
Tangible Book Value	1,554,787	1,394,200	697,687	324,694	288,971
Tangible Book Value Per Share	357.85	320.89	160.58	74.73	66.51
Land	-	5,216	3,055	569	569
Buildings	-	5,855	3,425	976.75	976.75
Machinery	-	23,567	12,402	5,902	5,231
Construction In Progress	134,435	-	-	-	-

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