Aradel Holdings Plunges 10% After Nine-Month Profit Drops 82% Despite N3.95tn Revenue

Aradel Holdings Plc plunged by 9.99% to N1,296 per share on Monday after the power firm reported an 82.3% decline in revenue after tax for the 9 months ended September 30, 2026 regardless of a big improve in income.

The firm’s shares fell by N143.90 from N1,439.90 within the earlier buying and selling session, making Aradel one of many worst-performing shares on the Nigerian Exchange (NGX) for the day.

The decline adopted the discharge of Aradel’s nine-month monetary statements, which confirmed that revenue after tax dropped to N43.30 billion from N245.12 billion recorded within the corresponding interval of 2025.

This was regardless of income rising greater than sevenfold to N3.95 trillion from N538.81 billion a 12 months earlier.

The firm’s working efficiency strengthened through the interval as working revenue elevated to N1.56 trillion from N167.53 billion within the first 9 months of 2025.

However, the advance was eroded by a pointy improve in finance prices and tax bills.

Finance prices jumped to N841.12 billion from N21.39 billion within the corresponding interval of 2025 with N529.10 billion attributed to the unwinding of contingent consideration.

Interest expense on financial institution borrowings additionally elevated to N251.06 billion from N17.41 billion.

As a end result, internet finance prices widened to N797.35 billion from N6.03 billion a 12 months earlier, decreasing revenue earlier than tax to N764.71 billion.

Tax expense subsequently surged to N721.41 billion from N55.56 billion, leaving the corporate with N43.30 billion in revenue after tax.

The deterioration was extra pronounced within the third quarter when Aradel recorded a loss after tax of N147.74 billion in contrast with a revenue of N98.73 billion in the identical quarter of 2025.

The quarterly loss got here regardless of income rising to N1.46 trillion from N170.73 billion and working revenue rising to N506.88 billion from N48.91 billion.

Finance prices stood at N514.98 billion through the quarter, whereas tax expense amounted to N159.74 billion.

Aradel’s underlying operations, nonetheless, continued to generate substantial money, with internet money from working actions rising to N2.46 trillion within the nine-month interval from N205.41 billion a 12 months earlier.

The firm closed the interval with money and money equivalents of roughly N2 trillion.

Monday’s 9.99% decline due to this fact got here as buyers assessed the widening hole between Aradel’s sturdy income and working progress and the sharp deterioration in earnings after finance prices and taxation.