Seplat Energy has reported impressive revenue growth for 2025, with a 150.4% rise to N4 trillion, marking a significant increase compared to the previous year despite facing numerous cost challenges that limited profit growth.
The company, recognized as Nigeria's leading oil and gas firm by market capitalization, revealed these figures in its audited financial statements published on Thursday.
This remarkable revenue upturn was supported by an impressive expansion in average daily production, which rose by 148% to 131,506 barrels of oil equivalent. Additionally, Seplat experienced its first full year of offshore operational consolidation.
Onshore output also saw a 14% increase, which was boosted by the completion of the Sapele Gas Plant project that enhanced processing capacity by 33% to 90 million standard cubic feet per day (MMscfd).
Despite the record revenue, the cost of goods sold surged to over N2.8 trillion due to higher royalties, depletion, depreciation, and amortization expenses.
Administrative and general expenses swelled by 75.5% to N378.5 billion, adding pressure on operating profits.
Roger Brown, Seplat's CEO, emphasized the positive impact of several successful offshore projects that positioned the company as an effective offshore operator while also delivering the strongest onshore production performance in years.
He further elaborated that drilling will be pivotal for the company’s long- term growth aspirations, with plans to introduce its first Jack-Up drilling rig in the upcoming third quarter.
At the end of 2025, Heirs Energies, backed by Tony Elumelu, acquired a 20.1% stake in Seplat for $500 million, previously owned by the French oil company Maurel & Prom S.A., marking a shift in shareholder dynamics.
Pre-tax profit climbed to N755.5 billion from N394.7 billion the preceding year. Meanwhile, the tax obligation ballooned by 175.1% to N513.9 billion, which curtailed net profits. After-tax profit grew to N241.6 billion, up from N207.9 billion, reflecting a 16.2% rise.
Seplat, which trades on both Lagos and London stock exchanges, announced a quarterly dividend of US5 cents per share and an additional special dividend of US3.3 cents. Brown noted that the company is set to return a total capital of $1 billion to its shareholders by 2030.
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