April 30, (THEWILL) — Seplat Energy Plc has reported a post-tax profit of N52.5 billion for the first quarter of 2026, marking a 48.4 percent increase from N35.3 billion recorded in the same period of 2025, according to its filing on the Nigerian Exchange.
The improved bottom line came despite a modest dip in revenue, which fell by 5.2 percent year-on-year to N1.16 trillion from N1.22 trillion.
Pretax profit also declined to N229.1 billion, compared to N314.6 billion in the prior year, reflecting pressure from higher operating and finance costs.
Crude oil sales remained the dominant revenue source, contributing N1.03 trillion or 88.7 percent of total earnings.
Liquefied natural gas (LNG) and gas sales added N70.3 billion and N61.1 billion respectively, reinforcing the company’s diversified energy portfolio.
Seplat declared an interim dividend of 5 US cents and a special dividend of 4 US cents per share, bringing the total payout to 9 US cents.
The naira equivalent will be determined using the exchange rate on June 4, 2026, ahead of the payment scheduled for June 19.
Operationally, the company faced headwinds from a N126.4 billion net other loss linked to overlifts, which dragged operating profit down to N295.4 billion from N361.2 billion.
Net finance costs rose by 32.7 percent to N60.4 billion, further weighing on earnings.
However, a significantly lower tax charge of N176.5 billion helped lift net profit, while earnings per share improved to N77.95 from N52.14.
On the balance sheet, retained earnings increased to N389.1 billion, although total assets dipped slightly to N8.5 trillion.
Meanwhile, investor sentiment remained strong, with Seplat shares gaining 10 percent during trading on April 30, extending year-to-date returns to over 97 percent
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
