Seplat Energy Plc, a Nigerian indigenous energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has released its Q1 2025 financial report, revealing a 350% surge in revenue year-on-year.
The company’s revenue rose from N268.6 billion in Q1 2024 to N1.2 trillion in Q1 2025. Profit also saw significant growth, rebounding from a loss of N2.9 billion in Q1 2024 to a profit of N35.4 billion.
Gross profit soared by 726%, reaching N535.4 billion, while profit before tax increased to N314.6 billion from N103.5 billion in 2024.
Seplat’s portfolio consists of eleven oil and gas blocks in onshore and shallow water locations, following the acquisition of Mobil Producing Nigeria Unlimited.
The strong performance was driven by enhanced results from its onshore assets, which saw a 14% increase compared to the same period in 2024.
Key factors contributing to this performance included the success of new wells from the 2024 drilling campaign and the start of gas production at the Sapele Integrated Gas Plant.
Roger Brown, Seplat Energy’s chief executive officer, commented on the performance:
“2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.”
Following its strong Q1 2025 performance, Seplat Energy declared an interim dividend of 4.6 cents per ordinary share of 50 kobo each.
The dividend will be paid to shareholders listed in the Register of Members at the close of business on May 23, 2025.
The payment will be made in naira to shareholders holding their shares on the Nigerian Exchange Limited without a valid Nigerian Certificate for Capital Importation (CCI). Those with a valid CCI will receive payments in US dollars.
