Nigerian indigenous oil company, Seplat Energy Plc, has reported a N3.36 trillion revenue growth for the third quarter (Q3) of the year.
The revenue growth represents a 204 per cent increase compared to the N1.07 trillion the company posted in the same period in 2024.
According to its nine-month financial statement released on Monday, December 15, Seplat Energy recorded significant growth across all its profit lines.
The company’s gross profit rose by 148 per cent to N1.36 trillion from N531.5 billion as the cost of sales surged by 270.83 per cent to over N2 trillion.
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Operating profit rose strongly by 159 per cent to N1.096 trillion from N411.3 billion, after the company incurred N261.88 billion in administrative expenses, N13.65 billion as net impairment loss on financial assets and N25.21 billion on fair value loss.
A further analysis of the report shows that profit before tax rose by 133 per cent to N879 billion from N366.7 billion.
A N732.35 billion incurred on income tax expense left the profit after tax to increase by 169 per cent to N146.6 billion from N52.8 billion.
Pinnacle Daily reports that Seplat Energy, a leading indigenous energy company, is listed on the Nigerian Exchange Limited (NGX) and the main market of the London Stock Exchange (LSE).
It currently has a market capitalisation of N3.5 trillion on the NGX.
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Following the acquisition of Mobil Producing Nigeria Unlimited, Seplat Energy’s enlarged portfolio consists of eleven oil and gas blocks in onshore and shallow water locations in the prolific Niger Delta region of Nigeria, which it operates with partners including the Nigerian Government and other oil producers.
“As we approach the first anniversary of the MPNU acquisition, we are clearly displaying our ability to operate a business at scale. We delivered a third consecutive quarter of production growth at the upper end of production guidance, and we are pleased to be able to narrow production to 130-140 kboepd.
“Our financial performance year to date has been extremely robust, generating after-tax cash flows in excess of $1 billion, enabling significant deleveraging to 0.27x ND/EBITDA, well below our target levels.
“In addition, while we anticipate some cash outflow in Q4 2025, our strong cash generation year to date supports declaring a special dividend of 2.5 US cents/share, delivering a total dividend to shareholders this quarter of 7.5 US cents/share. This is aligned with the new dividend policy of returning an increasing share of free cash flow to shareholders, laid out at the CMD,” the Chief Executive Officer of Seplat, Roger Brown, said.
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He noted that at the end of September, the company had an unfortunate fire incident at its Yoho station.
“While there were no injuries and the safety systems worked efficiently, the event reinforces our decision to focus and prioritise additional investment in integrity and maintenance activities. We are now working to restore production safely and swiftly,” Brown added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
