Aradel, Oando, and Seplat accounted for over 93% of ₦730.7bn profit posted by Nigeria’s listed oil & gas firms in 2024

Key Takeaways:

  • Aradel Holdings led with ₦247.79 billion in PAT, marking a 361% year-on-year growth.
  • Oando and Seplat Energy followed with ₦220.12 billion and ₦214.25 billion in PAT, respectively.
  • Eterna Plc recorded a significant turnaround with 114% year-on-year growth, recovering from a loss in 2023.
  • The sector experienced widespread profitability gains, reflecting stronger market dynamics and operational improvements.
  • Profit after tax growth across the sector ranged from 15% to 361%.
  • Nigeria's oil & gas sector delivered a combined profit totalled ₦730 billion in 2024.

Nigeria’s oil and gas sector posted an impressive ₦730.7 billion in combined profit after tax (PAT) in 2024, underlining a strong recovery and operational resilience. Aradel Holdings led the sector with a staggering 361% year-on-year PAT growth, reaching ₦247.79 billion. Oando and Seplat Energy followed closely, reporting ₦220.12 billion and ₦214.25 billion, respectively. Together, the three companies accounted for 93.4% of total sector profits.

TotalEnergies delivered a solid ₦27.5 billion, reflecting a 113% increase from the previous year. Conoil and MRS Oil also posted positive growth of 15% and 60%, respectively. Meanwhile, Japaul Gold and Eterna Plc made notable gains, with 164% and 114% PAT growth, despite reporting relatively modest figures of ₦1.83 billion and ₦1.35 billion.

Source:

NGX, Company’s Financial Report

Period:

2024
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  • Within the North Central zone, Abuja (FCT) recorded the most accidents, with a cumulative total of 8,133 cases.
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  • Crude oil dominates Nigeria’s export trade, accounting for the largest share of export revenue. -
  • Other petroleum oil products are also a major export item, reflecting the significance of both raw and refined oil-based commodities in Nigeria’s trade portfolio. -
  • On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
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  • Agricultural and raw material goods feature on both sides of trade, but their value is significantly less than petroleum-related trade.

Nigeria's foreign trade
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  • The United States appears on both sides. Nigeria exports ₦1.54 trillion to the US and imports ₦1.42 trillion, showing a relatively balanced trade relationship.
  • European countries are major export Partners Netherlands (₦2.30T), France (₦1.44T), and Spain (₦1.44T) are prominent export destinations, indicating strong demand for Nigerian crude oil and other commodities in Europe.
  • UAE barely makes the import list. The UAE closes out the top import list at ₦0.61 trillion, showing relatively lower trade volume compared to others, but still significant enough to be in the top 5.

Cars lead in road traffic crashes, while luxury bus accidents surge by 466.7% over four years
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