LAGOS, Nigeria — Seplat Energy Plc reported a post‑tax profit of N52.5 billion (approximately $38.2 million) for the first quarter ended March 31, 2026, a 48.40 percent increase from N35.3 billion a year earlier, according to its latest filing on the Nigerian Exchange.
Okay News reports that the company declared an interim dividend of US5 cents and a special dividend of US4 cents per share, totalling US9 cents, payable on June 19, 2026. The naira equivalent will be determined on June 4, 2026, based on the applicable exchange rate.
Revenue declined by 5.22 percent to N1.16 trillion (approximately $843.6 million) from N1.22 trillion in the first quarter of 2025. Crude oil sales contributed 88.70 percent of the total, at N1.03 trillion, while LNG and gas sales contributed N70.3 billion and N61.1 billion respectively.
Cost of sales eased to N650.7 billion from N692.07 billion, leaving a gross profit of N512.6 billion. Operating profit fell to N295.4 billion from N361.2 billion, weighed by a net other loss of N126.4 billion from overlifts and a 32.72 percent rise in net finance costs to N60.4 billion. After a joint venture loss of N5.8 billion, pretax profit stood at N229.1 billion, compared with N314.6 billion a year earlier.
A lower income tax charge of N176.5 billion helped lift post‑tax profit to N52.5 billion. Earnings per share rose to N77.95 from N52.14.
Total assets stood at N8.5 trillion (approximately $6.18 billion), down from N8.7 trillion, with oil and gas properties of N4.2 trillion the largest asset class. Total equity eased to N2.5 trillion from N2.6 trillion, while retained earnings grew 13.66 percent to N389.1 billion. Total liabilities narrowed to N5.9 trillion from N6.08 trillion.
Seplat shares rose 10 percent on April 30, 2026, taking the year‑to‑date return above 97 percent at a price of N11,495.
