Seplat Energy Plc has published its first quarter 2026 results, reporting a post-tax profit of N52.5 billion, up from N35.3 billion in Q1 2025, according to its latest filing on the Nigerian Exchange.
This performance was supported by a lower income tax charge, even as revenue declined by 5.22% to N1.16 trillion, resulting in a pretax profit of N229.1 billion, compared to N314.6 billion in the prior year.
Within the revenue mix, crude oil sales remained the key driver, contributing 88.70% or N1.03 trillion, while LNG and gas sales accounted for N70.3 billion and N61.1 billion, respectively.
On the balance sheet, retained earnings rose to N389.1 billion from N342.4 billion, reflecting steady accumulation despite softer earnings performance during the quarter.
Building on this, the company declared an interim dividend of US5 cents and a special dividend of US4 cents per share, totalling US9 cents, with the naira amount to be determined using the applicable exchange rate on June 4, 2026, ahead of the June 19, 2026, payment date.
Key highlights (Q1 2026 vs Q1 2025)
- Revenue: N1.16 trillion vs N1.22 trillion
- Cost of sales: N650.7 billion vs N692.07 billion
- Gross profit: N512.6 billion vs N535.4 billion
- Operating profit: N295.4 billion vs N361.2 billion
- Net finance cost: N60.4 billion, up 32.72% YoY
- Pretax profit: N229.1 billion vs N314.6 billion
- Post-tax profit: N52.5 billion, up 48.40% YoY
Driving the numbers
A closer look shows the total dividend of US9 cents per share, which, assuming a current exchange rate of N1,375.13, is equivalent to N124 and translates to over N74 billion based on 599,944,561 outstanding shares.
This outcome was anchored on revenue for the period, which stood at N1.16 trillion, easing from N1.22 trillion, which, after cost of sales of N650.7 billion, left a gross profit of N512.6 billion.
- Operating performance came under pressure from higher expenses, particularly a net other loss of N126.4 billion from overlifts, which dragged operating profit down to N295.4 billion from N361.2 billion.
After net finance costs of N60.4 billion and joint venture losses of N5.8 billion, pretax profit moderated to N229.1 billion, compared to N314.6 billion in Q1 2025.
- Despite this, a significantly lower tax charge of N176.5 billion supported a rise in post-tax profit to N52.5 billion, up from N35.3 billion in the prior year.
This fed through earnings per share, which strengthened to N77.95 from N52.14, reflecting improved bottom-line efficiency despite softer top-line performance.
Balance sheet
On the balance sheet, total assets slipped to N8.5 trillion from N8.7 trillion in the prior year, with oil and gas properties at N4.2 trillion remaining the largest asset class.
Total shareholder equity stood at N2.5 trillion, down from N2.6 trillion, with the foreign currency translation reserve of N2.1 trillion as the largest contributor, followed by retained earnings of N389.1 billion, up 13.66% year-on-year.
The group also narrowed total liabilities to N5.9 trillion from N6.08 trillion, with trade and other payables of N1.3 trillion and long-term loans and borrowings of N1.2 trillion as the key components.
Market reaction
Shares of the company jumped to the maximum daily gain of 10% on NGX, mid-trading on April 30, 2026.
Year-to-date, Seplat has returned over 97% to investors, with more than 11 million units exchanged, and the stock currently priced at N11,495.
