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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