Aradel Holdings Plc · NSENG:ARADEL
Aradel — Investor Day (November 2024)
71 slides from Aradel's investor day presentation, Nov 12, 2024
Slide 1: Analyst Presentation
ANALYST PRESENTATION 12 November 2024 Private & Confidential
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Aradel Holdings PLC (“Aradel Holdings” or the “Company”) to provide an overview of the Company. “Presentation” means this document, its contents or any part of it, any oral presentation, any question or answer session and any written or oral material
Slide 3: Today's Agenda
TODAY’S AGENDA Item Description Time / duration (c.5 hours) Presenter(s) Registration and Breakfast • Event Registration and Breakfast • 08:00 – 09:00 (60 mins) • Welcome address Welcome • 09:00 – 09:05 (5 mins) • Adegbite Falade (MD/CEO) • Introduction and purpose of the day, incl disclaimer • Comp
Slide 4: Company Overview
aradel @\ Holdings 01 COMPANY OVERVIEW
Slide 5: Aradel: Well-Positioned for Structural and Operational Changes in the Sector
ARADEL: WELL-POSITIONED FOR STRUCTURAL AND OPERATIONAL CHANGES IN THE SECTOR Oil Gas Refining Recent trends in the Nigerian oil & gas sector Across 6 assets2 Consistent and sustainable oil and gas production Segregation of upstream operations to 9.7mbbls/d 26.5mmscf/d 267.7mm litres introduce midstr
Slide 6: Snapshot of Aradel Holdings Plc
SNAPSHOT OF ARADEL HOLDINGS PLC FULLY INTEGRATED INDIGENOUS ENERGY COMPANY OPERATING WITHIN UPSTREAM, MIDSTREAM AND DOWNSTREAM SEGMENTS Company Overview Key Operating Metrics - Production Our Mission Shareholding Structure as at 30 September 2024 FY 2023 Q3 2024 To be the foremost energy company del
Slide 7: Aradel Holdings' Structure and Subsidiaries
ARADEL HOLDINGS’ STRUCTURE AND SUBSIDIARIES PURPOSE-BUILT INDEPENDENT BUSINESS STRUCTURE WITH ESTABLISHED PARTNERSHIPS 100% 42% 100% 95% 100% 49% Subsidiaries and JV Partnership Established to explore and Independent Nigerian oil Established to leverage Modular refinery Established to hold the JV wi
Slide 8: Aradel Holdings' Achievements So Far
ARADEL HOLDINGS’ ACHIEVEMENTS SO FAR THE JOURNEY OF BECOMING NIGERIA’S FULLY INTEGRATED INDIGENOUS ENERGY COMPANY ▪ Incorporation as ▪ Negotiated the first farm ▪ Commissioned a ▪ Executed an ▪ Delivered the 50th Bscf ▪ Successfully logged 15 ▪ Attained First Oil in Midas Drilling out agreement with
Slide 9: Aradel Has Led an Impeccable Capital Markets Journey
ARADEL HAS LED AN IMPECCABLE CAPITAL MARKETS JOURNEY ₦3 TRILLION / US$2 BILLION MARKET CAPITALIZATION ON NGX AS AT 14 OCTOBER 2024 Adjusted Share Price Performance Based on Stock Split 900 October 2024 30,000 Volume Traded (‘000) Listed its ordinary shares on Main Board of Adjusted Share Price (₦) 8
Slide 10: Equity Story Deep Dive
aradel @\ Holdings 02 EQUITY STORY DEEP DIVE
Slide 11: Equity Story Highlights
EQUITY STORY HIGHLIGHTS UNIQUE VALUE PROPOSITION WITH SIGNIFICANT UPSIDE POTENTIAL Fully integrated ▪ First fully integrated indigenous energy company with operations spanning exploration, production, refining, and distribution of oil and gas indigenous energy products. company operating ▪ Ogbele Fi
Slide 12: Equity Story Highlights (Cont'd)
EQUITY STORY HIGHLIGHTS (CONT’D) UNIQUE VALUE PROPOSITION WITH SIGNIFICANT UPSIDE POTENTIAL Resilient and ▪ Diversification of revenue to act as natural hedge against oil price volatility. Oil (49.0%), Refined products (46.4%), gas (4.6%) in FY2023 diversified revenue ▪ 70% of total revenue denomina
Slide 13: Fully Integrated Energy Company with Strategically Located, High-Quality Assets
FULLY INTEGRATED ENERGY COMPANY WITH STRATEGICALLY LOCATED, HIGH-QUALITY ASSETS LOCALISED ASSETS WITHIN NIGER DELTA HAS ENABLED EFFICIENT INTEGRATION AND OPTIMISATION OF OPERATIONS ACROSS OIL, GAS AND REFINERY BUSINESSES Omerelu Field Ogbele Field (PML 14) OML 34 Gas Processing Facility Refinery (PP
Slide 14: Established Track-Record with Steady and Sustainable Oil and Gas Production
ESTABLISHED TRACK-RECORD WITH STEADY AND SUSTAINABLE OIL AND GAS PRODUCTION ONE MIDSTREAM GAS PROCESSING FACILITY AND ONE DOWNSTREAM REFINERY FACILITY Average Annual Crude Oil production (bbls/d) Average Annual Gas Production (Mscf/d) 12,250 35.8 9,737 8,761 25.7 26.5 6,479 17.8 3,945 15.1 2020 2021
Slide 15: Safe and Reliable Evacuation for the Company's Increasing Production
SAFE AND RELIABLE EVACUATION FOR THE COMPANY’S INCREASING PRODUCTION SUCCESSFULLY IMPLEMENTED THE ACE SYSTEM, STRONG COMPLEMENT TO TNP EVACUATION GIVEN EXPECTED PRODUCTION INCREASE Recent expansion in ACE capacity on Reduced dependency on the stop-start Expected efficiency enhancement with Significa
Slide 16: Exceptional Financial Track Record with Resilient Growth and Profitability
EXCEPTIONAL FINANCIAL TRACK RECORD WITH RESILIENT GROWTH AND PROFITABILITY Revenue EBITDA ₦378 ₦238 $342 $274 $179 $178 ₦221 ₦129 $129 $156 $78 $97 ₦52 ₦66 ₦41 ₦31 FY2021 FY2022 FY2023 Q3 2024* FY2021 FY2022 FY2023 Q3 2024* ₦'bn US$'m ₦'bn US$'m Dividend per share and Dividend Payout Ratio Free Cash
Slide 17: Key Partnerships to Complement Its Independent Business Model
KEY PARTNERSHIPS TO COMPLEMENT ITS INDEPENDENT BUSINESS MODEL Partners overview Fully integrated energy group, with its business spanning the upstream, ▪ Consortium with 3 other key industry players midstream and downstream value chain of the oil and gas industry ▪ Leverage partnership to undertake
Slide 18: Environmentally, Socially Conscious and Compliant Company
ENVIRONMENTALLY, SOCIALLY CONSCIOUS AND COMPLIANT COMPANY Inaugurated Trustees for ₦4.7bn disbursed to the Well Defined ESG Eliminated routine its Host Community Trust host community since Strategy and Policy gas flaring (2012) Fund 2014 Gas Initiative Water Management Active participation in the De
Slide 19: Board of Directors and Management Team
BOARD OF DIRECTORS AND MANAGEMENT TEAM EFFECTIVE BOARD OF DIRECTORS SUPPORTED BY WORLD CLASS EXPERIENCED MANAGEMENT TEAM World-class management team Ms Patricia Mr Adegbola Mr Osten Mr Adegbite Falade Simon-Hart Mr Thierry Georger Adesina Olorunsola Board of Directors Executive Director Independent
Slide 20: Sector Overview
03 SECTOR OVERVIEW / Page 20
Slide 21: Nigerian Oil and Gas Industry: Industry Overview
NIGERIAN OIL AND GAS INDUSTRY INDUSTRY OVERVIEW Overview of the Nigerian Oil & Gas Industry Key Metrics Petroleum Industry Act ▪ The oil and gas industry in Nigeria is marked by its dynamic and multifaceted ▪ The Nigerian Oil & Gas industry is undergoing a significant nature encompassing exploration
Slide 22: Nigerian Oil and Gas Industry: Value Chain
NIGERIAN OIL AND GAS INDUSTRY INDUSTRY VALUE CHAIN Overview ▪ The Nigerian Oil & Gas industry is a complex ecosystem spanning multiple sectors comprising upstream, midstream and downstream. ▪ Some of the fiscal changes introduced by the PIA include: ▪ The upstream sector- which involves exploration,
Slide 23: Nigerian Oil and Gas Industry: Key Indices and Market Stakeholders
NIGERIAN OIL AND GAS INDUSTRY KEY INDICES AND MARKET STAKEHOLDERS Oil Reserves and Production Evolution (1980 – 2023) Key Regulators ▪ Nigerian Upstream Petroleum Regulatory Commission: established under the PIA, serves as the 2023 Oil Reserves (Gbbl) Annual Production (MMbbl/year) Res.: 37.5 Gboe p
Slide 24: Overview of the Refining Oil Industry in Nigeria
OVERVIEW OF THE REFINING OIL INDUSTRY IN NIGERIA Overview of the Nigeria Oil Refining Industry Key Players with Petroleum Refining Capacity ▪ Africa houses a total refining capacity of 4.105 ▪ Nigeria has 6 refineries with combined capacity of 1.139 Mbpd. This includes Capacity million barrels per d
Slide 25: Overview of the Refining Oil Industry in Nigeria: Demand
OVERVIEW OF THE REFINING OIL INDUSTRY IN NIGERIA ▪ Nigeria faces a complex ▪ Nigeria is the second-largest market for petroleum products in Sub- interplay between rising ▪ Nigeria, boasting the second-largest refining capacity in Sub- Saharan Africa (SSA). In 2023, Nigeria imported virtually all of
Slide 26: Segment Wise – Oil
Holdings 05 SEGMENT WISE —- OIL
Slide 27: Aradel Energy
ARADEL ENERGY AN INDIGENOUS OIL AND GAS COMPANY 2043 3.4 MMbbl/d Equity interest in 6 15 oil and condensate ₦307.6bn Latest Licenses Q3 2024 Revenue upstream assets Producing wells production as at Q3 expiry date 2024 Asset Ownership Structure Overview of Aradel Energy ▪ Aradel Energy engages in the
Slide 28: Aradel Energy: Oil & Gas Production and Sales Volume
ARADEL ENERGY OIL & GAS PRODUCTION AND SALES VOLUME Oil + Condensate Production (Mbbls/d) Gas Production (Mmscf/d) 18.6 82.0 86.9 74.3 76.1 12.0 6.3 67.5 11.8 9.5 41.7 51.1 3.0 2.3 56.3 49.6 2.7 6.2 54.2 59.3 4.7 2.2 9.7 12.3 23.9 2.5 6.8 8.8 35.8 4.0 13.3 15.0 25.7 17.8 26.5 2.2 2019 2020 2021 2022
Slide 29: Aradel Energy – Financial Information
ARADEL ENERGY – FINANCIAL INFORMATION Revenue Operating Cost Net profit and Net Margin Oil Gas PAT (₦bn) Net Margin 17.2 200.0 46.6% 50.0% 180.0 40.3% 45.0% ₦’billion 160.0 40.0% ₦’billion 140.0 35.0% 27.5% ₦’billion 120.0 30.0% 64.0 100.0 18.6% 25.0% 153.1 80.0 20.0% 4.3 0.7 28.7 32.2 60.0 15.0% 3.
Slide 30: Segment Wise – Gas
Holdings 06 SEGMENT WISE - GAS
Slide 31: Aradel Gas Limited
ARADEL GAS LIMITED 100mmscf/d 90% 9.8 Bscf 2 major ₦66bn gas processing Annual average Gas produced, Offtakers Q3 2024 Revenue facility capacity utilisation with 97% sold Asset Ownership Structure Aradel Gas Overview ▪ Aradel Gas’ supply is contracted to two offtakers – Shell Petroleum Development C
Slide 32: Aradel Gas Limited: Production and Sales Volume
ARADEL GAS LIMITED Historical Production and Sales Volume (Bscf) 13.3 13.0 9.4 9.7 9.8 9.5 9.0 9.2 6.5 6.0 5.5 5.1 2019 2020 2021 2022 2023 Q3 2024 Production Sales Production Utilisation 1% 1% 2% 1% 1% 1% 2% 1% 4% 3% 4% 6% 13,330mmscf 5,517mmscf 9,391mmscf 6,506mmscf 9,690mmscf 9,795mmscf 97% 95% 9
Slide 33: Segment Wise – Refinery
06 SEGMENT WISE – REFINERY / Page 33
Slide 34: Aradel Refinery Limited
ARADEL REFINERY LIMITED 20 million Litres 3-train 11kbbl/d 5 Refined 6 Major ₦108bn Total Storage refinery facility Products Customers Q3 2024 Revenue Capacity Asset Ownership Structure Refinery Business Overview Nouveau Technologies Vadoris Investment Limited Limited ▪ As at Q3 2024, Aradel Refiner
Slide 35: Aradel Refinery Limited: Facilities and Expansion
ARADEL REFINERY LIMITED Built first 1000 bbls/d capacity modular refinery in Modular Refinery Train 2 at 5000 bbls/d capacity Modular Refinery Train 3 at 5000 bbls/d capacity Nigeria in 2010 Pre-Commissioning of 3000 bbls/d capacity PMS & Product Storage Tanks for PMS, Naphtha, DPK, AGO, Two 20,000
Slide 36: Aradel Refinery – Revenue and Sales Volume per Product
ARADEL REFINERY LIMITED – REVENUE AND SALES VOLUME PER PRODUCT Volume Refined by Product (mm litres) Automotive Gas Oil Heavy Fuel Oil Naphtha Dual Purpose Kerosene Marine Diesel Oil 267.7 153.3 12.8 168.8 74.3 74.5 6.6 11.2 37.0 103.4 39.9 10.2 49.8 63.3 14.9 25.2 22.3 26.4 25.6 10.9 33.5 52.0 28.8
Slide 37: Aradel Refinery Limited – Refinery Crude Oil Utilisation
ARADEL REFINERY LIMITED – REFINERY CRUDE OIL UTILISATION Train III Train II 58% 34% 39% 16% 10% 6% 2021 2022 2023 2021 2022 2023 Train I Commentary 70% 70% 65% 62% • Train I commenced operations as a diesel topping plant 56% 50% 46% 53% in year 2011 39% • Train I low capacity utilisation is mainly d
Slide 38: Aradel Refinery – Financial Information
ARADEL REFINERY – FINANCIAL INFORMATION Revenue Operating Cost Net profit and Net Margin PAT (₦bn) Net Margin 90.0 70.0% 80.0 60.0% 70.0 ₦’billion ₦’billion 50.0% 60.0 34.3% ₦’billion 102.5 40.0% 50.0 40.0 30.0% 19.5% 66.3 30.0 4.8% 47.2 20.0 -3.3% 9.3% 20.0% 3.0 4.0 23.7 20.0 10.0% 10.6 1.9 3.7 10.
Slide 39: Financial Performance
07 FINANCIAL PERFORMANCE / Page 39
Slide 40: Summary Financial Highlights
SUMMARY FINANCIAL HIGHLIGHTS NGN billions unless otherwise stated FY2021 FY2022 FY2023 Q3 2024 ▪ Sales revenue increased by ₦156.5bn, from ₦221.1bn in FY2023 to ₦377.6bn in Q3 2024 Sales Revenues 51.6 66.1 221.1 377.6 – Driven by the significant performance of our drilling % of revenue in US$ 78.7%
Slide 41: Robust Financial Performance
ROBUST FINANCIAL PERFORMANCE Revenue EBITDA ₦378 $342 $274 ₦238 ₦221 $179 $178 $156 ₦129 $97 ₦66 ₦41 FY2022 FY2023 Q3 2024* FY2022 FY2023 Q3 2024* Revenue (₦'bn) Revenue (US$'m) EBITDA (₦'bn) EBITDA (US$'m) Net Profit Net Cash Flows from Operations ₦111 $207 ₦214 $89 $195 $69 ₦139 ₦54 $35 $74 ₦15 ₦3
Slide 42: Accelerated Revenue Growth with High EBITDA Margin and Profit After Tax
ACCELERATED REVENUE GROWTH WITH HIGH EBITDA MARGIN AND PROFIT AFTER TAX 2024E Revenue (US$’m) 20 115 365 365 385 250 Crude Oil Export Crude Oil Refinery Total Crude Sales Gas Total Revenue FY2023 EBITDA (US$’m) 41 127 36 0 40 342 179 Sales Depreciation & Amortisation Cost of Sales Other loss Impairm
Slide 43: Cost and Expense Profile
COST AND EXPENSE PROFILE As a % of Cost of Sales unless stated otherwise FY2022 FY2023 Q3 2024* ▪ The three main cost items that have consistently contributed to cost of sales are royalties, crude oil handling charges and depreciation & amortisation, with a 20%, 37% and 41% Cost of Sales (₦’bn) 23.8
Slide 44: Profitability and Funding Profile
PROFITABILITY AND FUNDING PROFILE STRONG PROFITABILITY SUPPORTED BY SOLID CAPITAL STRUCTURE Total Assets and Return on Assets EBITDA and Net Margin 2000 10% 80% 75% ₦1,748 63% 1800 9% 62% 58% 70% 65% 1600 8% 60% 1400 6% 6% 7% 55% 50% 1200 6% 1000 ₦923 5% 40% 29% 45% 800 3% 4% 30% 23% 24% 35% ₦473 60
Slide 45: Capital Expenditure to Support Growth and Output
CAPITAL EXPENDITURE TO SUPPORT GROWTH AND OUTPUT Capex Breakdown 2021 2022 2023 2% 3% 1% 14% 1% 20% 2% 27% 1% 1% 1% NGN19bn NGN10bn NGN49bn (US$46m) (US$22m) (US$52m) 2% 68% 81% 77% Project Equipment Civil Works Gas Pipeline Gas Plant Facilities Assets Under Development Other PP&E Comments ▪ ₦78.8bn
Slide 46: Prudent Cash Flow Management
PRUDENT CASH FLOW MANAGEMENT Cash Flow Analysis ₦458 ₦183 ₦213 ₦56 ₦139 ₦32 ₦8 ₦32 ₦24 -₦10 -₦12 -₦15 -₦50 -₦45 -₦67 -₦74 FY2021 FY2022 FY2023 Q3 2024 Net Operating Cashflow (₦'bn) Net Financing Cashflow (₦'bn) Net Investing Cashflow (₦'bn) Cash at end of period (₦'bn) Cash Flow Analysis $286 $207 $
Slide 47: Corporate Strategy
08 CORPORATE STRATEGY / Page 47
Slide 48: Aradel Holdings Strategic Pillars
ARADEL HOLDINGS STRATEGIC PILLARS LEAN EXCELLENCE ▪ 10% Avg. YoY reduction in UoC over the period ▪ Drive optimal capacity utilization across Upstream, Midstream & Downstream business ▪ Deepen Lean Culture Embedment over the period units through the plan period 7 1 INNOVATIVE TECHNOLOGIES GROWTH 6 2
Slide 49: Grow Aradel Holdings' Revenue Business by 2028
GROW ARADEL HOLDINGS’ REVENUE BUSINESS BY 2028 Growth agenda enabled by increasing production, capacity, diversification and reducing losses from evacuation Grow Capacity Evacuation Diversification Production (capture reserve) Scale up production & utilization capacity + PMS Commissioning & Grow res
Slide 50: Governance & Risk
Holdings 09 GOVERNANCE & RISK
Slide 51: Corporate Governance
CORPORATE GOVERNANCE INDEPENDENT BOARD COMMITTEES DRIVING STRONG CORPORATE GOVERNANCE Board Committees Board Audit & Finance Committee Governance Remuneration & Nomination Chairman: Mr Ede Osayande Committee Chairman: Mr Afolabi Oladele “Sound corporate governance is at the core of our Assists the B
Slide 52: Board of Directors
BOARD OF DIRECTORS OVERSIGHT BY BOARD WITH BOTH NIGERIAN AND INTERNATIONAL EXPERIENCE MR LADI JADESIMI MR ADEGBITE FALADE MR ADEGBOLA ADESINA MS PATRICIA SIMON-HART MR THIERRY GEORGER (Chairman) (Managing Director/CEO) (Chief Financial Officer) (Independent NED*) (Non-Executive Director) ▪ Chairman,
Slide 53: Robust Governance and Risk Management Framework
ROBUST GOVERNANCE AND RISK MANAGEMENT FRAMEWORK ENTERPRISE RISK MANAGEMENT (ERM) SYSTEM OFFERS A SYSTEMATIC AND DISCIPLINED APPROACH TO PROVIDING CLEAR RESPONSIBILITY AND ACCOUNTABILITY STRUCTURES FOR RISK MANAGEMENT • Aradel continues proactive identification, assessment, and response to risk in a
Slide 54: Corporate Policies
CORPORATE POLICIES OUR STRONG CORPORATE GOVERNANCE AND COMPLIANCE FRAMEWORK IS ENFORCED BY THE FOLLOWING POLICIES Compliance Policies Risk Management Policies Business Code of Conduct Monitoring, Corrective Action Conflict of interest policy and Anti-Bribery Cybersecurity Laws Insider Trading Correc
Slide 55: Aradel Holdings CSR Activities and Alignment with UN SDGs
ARADEL HOLDINGS CSR ACTIVITIES AND ALIGNMENT WITH UNITED NATIONS’ SUSTAINABLE DEVELOPMENT GOALS ARADEL HOLDINGS HAS MADE SIGNIFICANT IMPACT IN LINE WITH THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS (1, 3, 4, 6, 7, 8, 9, 11,14 AND 15 ) IN THE FOLLOWING AREAS Quality Education Good Health and Skil
Slide 56: Our People
10 OUR PEOPLE / Page 56
Slide 57: Senior Management Team
SENIOR MANAGEMENT TEAM STRONG, STABLE TEAM WITH 218 YEARS OF COMBINED EXPERIENCE IN OIL AND GAS SECTOR MRS RITA OLAREWAJU MR SOLA OLUGBEMIGA MR FEMI OLANIYAN MS OSHIORENUA ADAMS (GM, HR & Corporate Services) (GM, Petroleum Engineering) (GM, Engineering & Projects) (Manager, ICT) ▪ Seasoned HR profes
Slide 58: Comprehensive and Well-Rounded Workforce
COMPREHENSIVE AND WELL-ROUNDED WORKFORCE ARADEL EMPLOYS C.256 PEOPLE ACROSS VARIOUS DIVISIONS Workforce By division By age By gender 18 - 25 Female 56 & Above 4% 13% Administrative 6% 23% Business 26 - 40 Technical 5% 42% Operations 41 - 55 72% 48% Male 87% Highlight ▪ Experienced, technical and com
Slide 59: Comprehensive and Well-Rounded Workforce: Breakdown by Division
COMPREHENSIVE AND WELL-ROUNDED WORKFORCE WORKFORCE BREAKDOWN BY DIVISION Level As at 30 June Division Executive Senior Senior Management Coordinators Professional Junior Staff 2024 Management Management Professional Managing Director's Office 1 - - 1 - - - 2 Technical Operations (Oil & Gas, 2 2 5 9
Slide 60: Health, Safety and Environmental Policy
HEALTH, SAFETY AND ENVIRONMENTAL POLICY INDUSTRY-LEADING HSE FRAMEWORK DEVELOPED OVER SEVERAL DECADES 2023 HSE Performance Fatality ▪ Aradel has maintained a solid Health, Safety, and 0/0 Environment (HSE) performance in accordance with its LTI 1 MTI /RTI No Fatality Recorded Goal-Zero Policy, inter
Slide 61: Proposed Research Timelines
11 PROPOSED RESEARCH TIMELINES / Page 61
Slide 62: Proposed Research Timelines
PROPOSED RESEARCH TIMELINES Indicative Dates/Duration Activity Description Key Parties 12 November 2024 Analyst Day All parties 4 - 6 weeks Research process and drafting of reports Covers the period within which the designated analysts carry Analysts out their research and draft their reports. (12th
Slide 63: Closing Remarks
12 CLOSING REMARKS / Page 63
Slide 64: Appendix
aradel Holdings APPENDIX
Slide 65: Historical Income Statement
HISTORICAL INCOME STATEMENT ₦’billions Q32024* Q32023 FY 2023 FY2022 Total Revenues 377.6 123.0 221.1 66.1 Oil Revenues 251.7 55.9 108.4 13.7 Gas Revenues 22.8 6.3 10.2 5.2 Refined Product Revenues 103.1 60.8 102.5 47.2 Cost of sales (166.8) (53.7) (73.2) (23.8) Gross Profit 210.8 69.4 147.9 42.3 Ge
Slide 66: Historical Statement of Financial Position
HISTORICAL STATEMENT OF FINANCIAL POSITION ₦’billions Q32024* Q32023 FY 2023 FY2022 Non-current assets Property, plant and equipment 684.9 385.8 658.9 371.3 Intangible assets 1.4 1.2 1.2 Deferred tax assets - 6.5 - 12.8 Financial assets 7.2 5.7 4.1 1.9 Investment in associate 507.4 232.1 270.2 132.5
Slide 67: Historical Cash Flow Statement
HISTORICAL CASH FLOW STATEMENT ₦’billions Q32024* Q32023 FY 2023 FY2022 Cash flows from operating activities: Cash generated from operations 228.9 99.2 145.5 34.6 Income taxes paid (15.4) (5.8) (6.4) (2.6) Net cash flows from operating activities 213.5 93.4 139.0 34.6 Cash flows from investing activ
Slide 68: Historical Income Statement (US$)
HISTORICAL INCOME STATEMENT US$’millions Q32024* Q32023 FY 2023 FY2022 Total Revenues 274.4 211.8 342.3 156.1 Oil Revenues 177.8 96.3 170.0 32.3 Gas Revenues 15.0 10.8 15.3 12.3 Refined Product Revenues 81.6 104.7 157.0 111.5 Cost of sales (114.7) (92.4) (126.6) (56.2) Gross Profit 159.7 119.4 215.8
Slide 69: Historical Statement of Financial Position (US$)
HISTORICAL STATEMENT OF FINANCIAL POSITION US$’millions Q32024* Q32023 FY 2023 FY2022 Non-current assets Property, plant and equipment 427.8 501.8 426.3 498.7 Intangible assets 0.9 1.6 1.3 1.0 Deferred tax assets - 8.5 - 28.4 Financial assets 4.5 7.4 4.5 4.1 Investment in associate 317.0 302.0 300.4
Slide 70: Historical Cash Flow Statement (US$)
HISTORICAL CASH FLOW STATEMENT US$’millions Q32024* Q32023 FY 2023 FY2022 Cash flows from operating activities: Cash generated from operations 205.3 185.9 216.7 79.8 Income taxes paid (10.8) (10.2) (10.1) (6.2) Net cash flows from operating activities 194.5 175.8 206.6 73.6 Cash flows from investing
Slide 71: Thank You
Thank You