Seplat Energy records N52.5 billion Q1 post-tax profit, declares dividend in dollars

Seplat Energy records N52.5 billion Q1 post-tax profit, declares dividend in dollars

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.

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.

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.

This fed through earnings per share, which strengthened to N77.95 from N52.14, reflecting improved bottom-line efficiency despite softer top-line performance.

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.

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.