Seplat Energy’s revenue rises to N1.228trn in Q1 2025

  … Declares US 4.6 cents dividend per share in Q1

Orisemeke Benjamin

Seplat Energy PLC, leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, 

has released its audited results for the three months  ended 31 March 2025, recording a revenue of N1.228 trillion for the period f.

The amount represents an increase of N959.6 billion or 99.98 per cent compared with N268.6 billion reported same quarter last year. 

Its gross profit soared to N535.4 billion from N63.8 billion Year-on-Year.

Cash generated from its operations for the period grew to N464.9 billion from N25.2 billion Year-on-Year whilst profit before tax rose to N314.6 billion from N103.5 billion Year-on-Year.

The energy company delivered robust production and cost performance during first quarter of 2025, at a new scale, and firmly on track to deliver FY 2025 guidance. Strong cash position supports early repayment of $250 million reducing the Revolving Credit Facility (RCF) to $100 million, and an increase in our quarterly dividend to US$ 4.6 cents per share.

For the period, production averaged was 131,561 barrels of oil equivalent per day (boepd) up 167 per cent from first quarter 2024 (49,258 boepd), above the midpoint of 2025 guidance of 120 – 140 kboepd).

The company declared dividend of US$ 4.6 cents per share, an increase on the prior quarter dividend of 3.6cents per cent share, reflecting the strength of the company financial position and confidence in its outlook. The company plans to set out a revised capital allocation policy in the Capital Markets Day scheduled for September 2025.

Seplat Energy achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for Seplat Energy Producing Nigeria Unlimited (SEPNU) – formerly Mobil Producing Nigeria Unlimited (MPNU).

Commenting on the result the Chief Executive Officer, Roger Brown said:“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.

Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.

We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $ 4.6c/share, an 28% increase in our quarterly dividend versus 4Q 2024. Our assets are high quality, and while we will remain agile to the prevailing oil price environment, our business plan is designed to be robust at lower oil prices and our gas revenues, which are largely delinked to oil prices, provide long-term stability for the business. We are committed to our plan of growth and maximising value for our stakeholders.”