Seplat Energy Plc reported a post-tax profit of N52.5 billion for the first quarter ended March 31, 2026, a 48.40 per cent increase from N35.3 billion recorded a year earlier.
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.
Revenue declined 5.22 per cent to N1.16 trillion from N1.22 trillion in the first quarter of 2025, with crude oil sales contributing 88.70 per cent of the total.
Cost of sales eased to N650.7 billion from N692.07 billion, leaving a gross profit of N512.6 billion.
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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 per cent rise in net finance costs to N60.4 billion.
A lower income tax charge of N176.5 billion helped lift post-tax profit to N52.5 billion, with earnings per share rising to N77.95 from N52.14.
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Total assets stood at N8.5 trillion, down from N8.7 trillion, while retained earnings grew 13.66 per cent to N389.1 billion.
Seplat shares rose 10 per cent on April 30, taking the year-to-date return above 97 per cent at a price of N11,495.
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