Seplat Energy Plc has reported a profit after tax of ₦52.5 billion for the first quarter ended March 31, 2026, representing a 48.4% increase from ₦35.3 billion recorded in the corresponding period of 2025.
The company disclosed in its first-quarter earnings filing on the Nigerian Exchange Limited that the improved bottom line was supported by a significantly lower income tax charge, despite a decline in revenue and pretax earnings.
Slump in Revenue
Revenue for the quarter fell by 5.2% year-on-year to ₦1.16 trillion from ₦1.22 trillion in Q1 2025.
Crude oil sales remained the dominant revenue source, contributing ₦1.03 trillion or 88.7% of total turnover. Liquefied natural gas sales generated ₦70.3 billion, while gas sales accounted for ₦61.1 billion.
Pretax profit declined to ₦229.1 billion from ₦314.6 billion in the prior-year period, reflecting softer operating performance and higher finance costs.
Gross profit stood at ₦512.6 billion, down from ₦535.4 billion, while operating profit dropped to ₦295.4 billion from ₦361.2 billion.
The company said performance was pressured by higher expenses, including a net other loss of ₦126.4 billion linked to overlifts. Net finance costs also rose 32.7% year-on-year to ₦60.4 billion.
Despite these pressures, a lower tax expense of ₦176.5 billion helped lift net profit, while earnings per share rose to ₦77.95 from ₦52.14.
9 US Cents Interim Dividend
Seplat Energy also announced an interim dividend of 5 US cents per share and a special dividend of 4 US cents per share, bringing total declared dividends to 9 US cents per share. The naira equivalent will be determined using the applicable exchange rate on June 4, 2026, ahead of payment scheduled for June 19, 2026.
On the balance sheet, total assets eased to ₦8.5 trillion from ₦8.7 trillion, while shareholders’ equity stood at ₦2.5 trillion, compared with ₦2.6 trillion previously.
Retained earnings increased to ₦389.1 billion from ₦342.4 billion, indicating continued earnings accumulation.
Total liabilities narrowed to ₦5.9 trillion from ₦6.08 trillion, with trade and other payables and long-term borrowings remaining major obligations.
Investor sentiment appeared positive following the earnings release, with Seplat shares rising by the maximum daily limit of 10% during intraday trading on Thursday.
The stock has returned more than 97% year-to-date, underscoring strong market confidence in the company’s outlook.
