Seplat Energy Plc has kicked off 2026 on a strong note, reporting a post-tax profit of N52.5 billion for the first quarter, a significant rise from N35.3 billion recorded in the same period last year. The results, filed on the Nigerian Exchange, highlight the company’s resilience, even as it faced a slight dip in revenue during the quarter.
Despite a 5.22% decline in revenue to N1.16 trillion, Seplat maintained solid performance, largely driven by its core crude oil business, which contributed nearly 89% of total earnings. Liquefied natural gas (LNG) and gas sales also added meaningful support, bringing in N70.3 billion and N61.1 billion respectively, showing the company’s continued diversification within the energy space.
However, profitability at the operating level came under pressure. Higher expenses, including a notable N126.4 billion loss linked to overlifts, weighed on performance and reduced operating profit to N295.4 billion. After accounting for finance costs and joint venture losses, pretax profit settled at N229.1 billion, down from N314.6 billion in Q1 2025. Still, a significantly lower tax charge helped lift net profit, ultimately boosting earnings per share to N77.95.
In a move likely to please investors, Seplat declared a combined interim and special dividend of $0.09 per share. Based on current exchange estimates, this translates to roughly N124 per share, with total payouts exceeding N74 billion. The dividend will be paid on June 19, 2026, reinforcing the company’s commitment to delivering shareholder value even in a mixed earnings environment.
On the balance sheet, the company remains relatively stable, with total assets standing at N8.5 trillion and retained earnings rising to N389.1 billion. Meanwhile, market sentiment has been strongly positive. Shares of Seplat surged by the maximum 10% on April 30, 2026, pushing its year-to-date return to over 97%. This sharp rally reflects investor confidence in the company’s long-term outlook, despite short-term operational pressures.
source: nairametrics