At its 30th Annual General Meeting held on May 28, 2025, Aradel Holdings Plc approved an upward review of directors’ fees, with the annual remuneration of the Board Chairman rising from $55,000 to $68,750.
The update was contained in a corporate disclosure filed with the Nigerian Exchange (NGX), which also revealed that shareholders approved an increase in the chairman’s sitting allowance from $2,100 to $2,625 per meeting.
Similarly, non-executive directors will now earn $40,500 annually, up from $32,400, while their sitting allowance was raised from $1,100 to $1,375 per meeting.
In addition, a final dividend of N22 per ordinary share was approved and paid to shareholders whose names appeared on the register as of the close of business on Tuesday, May 6, 2025.
These decisions came on the heels of the company’s strong Q1 2025 performance, where it posted a pre-tax profit of N67.1 billion, reflecting a robust year-on-year increase.
Aradel Holdings Plc delivered a strong performance in the first quarter of 2025, posting a pre-tax profit of N67.1 billion for the period ended March 31.
This marks a 70.08% increase from the N39.4 billion recorded in the same period in 2024, driven largely by a surge in crude oil revenue.
Total revenue nearly doubled, rising to N199.8 billion, up 97.57% from N101.1 billion in Q1 2024.
On the balance sheet, total assets rose to N1.8 trillion, a 4.72% increase from the previous year. Retained earnings also grew by 8.54%, reaching N428.9 billion.
Backed by this strong financial performance, Aradel’s N22 per share dividend, amounting to N95.5 billion, came as no surprise to analysts.
Shareholders re-elected Mr. Afolabi Oladele, Ms. Patricia Simon-Hart, and Mr. Olugbenga Adetoro to the board, following their retirement by rotation.
They also ratified the appointment of Ms. Kerin Jayne Gunter as a Non-Executive Director.
Deloitte & Touche were re-appointed as external auditors for the 2025 financial year, with the board given the authority to determine their remuneration.
The meeting also confirmed the composition of the statutory audit committee for 2025, which includes Mr. Femi Akinsanya, Mr. Eddie Efekoha, and Chief Gbola Akinola, SAN, as shareholder representatives, alongside Mr. Afolabi Oladele and Ms. Patricia Simon-Hart representing the board.