Nigeria, Feb. 4 -- Early gains from Aradel Holdings' purchase of an additional 40 per cent stake in oil driller ND Western at the tail end of 2025 delivered the income that helped the energy company record a 54.9 per cent leap in profit for the year.

The N201 billion ($133 million) provisional gain, earned as a bargain purchase from acquiring that asset at a cost lower than its fair market value, provided a major boost after a 21.5 per cent drop in gross profit.

Turnover jumped to N697.3 billion during the period from N581.2 billion, but galloping costs wore much of that away, its financial statements released on Tuesday showed.

Aradel announced last December completed the share acquisition in ND Western, which holds a 45 per cent part...