Nigeria, Jan. 29 -- Aradel Holdings reported an almost five-time surge in net profit for last year compared to 2023, with the strikingly strong result deriving strength from increased crude oil sales to overseas buyers.

Exported crude became the dominant revenue earner for the integrated energy company during the period, contributing more than three-fifths of turnover.

That compares to the preceding year, when it accounted for less than 50 per cent, while domestic sales took the lion's share.

Revenue for Aradel quickened by 162.7 per cent to N581 billion, according to its unaudited accounts issued on Tuesday, its first full-year financials since it went public last year.

Strengthening turnover, other income stood at N31.7 billion comp...