Aradel Holdings Plc delivered a robust H1 2026 performance, driven by increase global crude oil prices and the successful consolidation of ND Western Limited and Renaissance Africa Energy Holdings, which significantly expanded the Group’s production capacity, asset base and revenue profile. Gross earnings increased by 456.26% to NGN2.49 trillion from NGN447.96 billion in H1 2025, while core revenue rose by 576.88% to NGN2.49 trillion from NGN368.08 billion in the corresponding period. The significant improvement in revenue was accompanied by a corresponding increase in operating costs as the Group integrated its expanded upstream operations. Direct costs increased by 413.24% to NGN1.05 trillion from NGN204.92 billion in H1 2025, reflecting higher production costs, royalties, depreciation, amortisation and other field operating expenses associated with the enlarged asset base. Operating expenses also rose by 624.30% to NGN384.97 billion from NGN53.15 billion recorded in the corresponding period. Despite the higher cost base, revenue growth significantly outpaced the increase in costs, resulting in operating profit expanding to NGN1.06 trillion from NGN118.62 billion, demonstrating the Group’s improved operating scale and earnings capacity following the acquisitions.