Seplat Energy Plc reported a pre-tax profit of N1.34 trillion in its unaudited monetary outcomes for the 9 months ended 30 September 2026, representing a rise of 52.75% from N878.99 billion recorded within the corresponding interval of 2025.
Profit after tax elevated by 142.47% to N355.55 billion from N146.64 billion, whereas earnings per share rose to N580.72 from N240.18, reflecting improved earnings attributable to shareholders.
The nine-month profitability development was supported by a 12.51% enhance in income to N3.78 trillion from N3.36 trillion, pushed by stronger crude oil costs and better manufacturing volumes.
The board declared a third-quarter dividend of $0.19 per share, comprising a $0.05 core dividend and a $0.14 particular dividend. The qualification date is 12 November 2026, whereas the register of shareholders will shut on 13 November 2026.
The dividend brings whole distributions declared year-to-date to 40 US cents per share
Key Highlights
The figures evaluate 9M 2026 with 9M 2025, besides steadiness sheet gadgets, that are in contrast with December 2025.
- Revenue: N3.78 trillion (Up 12.51% YoY from N3.36 trillion).
- Cost of gross sales: N2.15 trillion (Up 7.60% YoY from N2.00 trillion).
- Gross profit: N1.62 trillion (Up 19.75% YoY from N1.36 trillion).
- Adjusted EBITDA: N2.09 trillion (Up 21.93% YoY from N1.71 trillion).
- Operating profit: N1.46 trillion (Up 33.05% YoY from N1.10 trillion).
- Finance prices: N163.42 billion (Down 26.88% YoY from N223.49 billion).
- Net finance prices: N149.21 billion (Down 29.41% YoY from N211.36 billion).
- Total property: N8.18 trillion (Down 6.31% from N8.73 trillion).
- Total fairness: N2.42 trillion (Down 8.49% from N2.64 trillion).
Management Commentary
Effiong Okon, Chief Executive Officer, mentioned the corporate has a transparent line of sight to continued development that might be underpinned by operational excellence as offshore gasoline manufacturing comes again on-line.
- “In my first update as CEO, I am delighted to report another quarter of robust production growth, averaging over 155 kboepd in 3Q 2026, which puts us firmly on track to meet the upper half of our full year guidance. This was delivered in a period of continued high crude prices, we realised $100.4/bbl in the quarter, a full $10.2/bbl higher than the average Brent price in the period, further enhancing our results.”
He mentioned the corporate’s robust monetary efficiency helps the interim dividend fee of USD 19.0 cents per share, including that when paid, the 3Q 2026 dividend will elevate cumulative dividends declared since its IPO to over $1.0 billion.
He famous that the corporate is firmly on observe to return its second $1.0 billion to shareholders because it delivers on our 5-year plan.
Driving the numbers
Seplat Energy’s nine-month efficiency was pushed by stronger crude oil costs, elevated manufacturing and improved contributions from gasoline and pure gasoline liquids (NGLs), which helped offset decrease crude lifting volumes and rising manufacturing prices.
Revenue elevated by 12.51% to N3.78 trillion from N3.36 trillion, supported largely by crude oil and condensate gross sales, which generated N3.38 trillion, accounting for 89.53% of whole income.
The enchancment was supported by a 34% enhance in common realised crude oil costs, regardless of crude and condensate lifting volumes declining by 8% to 25.7 million barrels.
- Gas income additionally elevated by 19%, supported by the continued ramp-up of the ANOH gasoline processing facility, whereas NGL income rose by 276%, benefiting from improved product restoration following the substitute of the Inlet Gas Exchanger on the EAP advanced.
However, dry gasoline gross sales volumes declined by 17% to 38.4 billion commonplace cubic toes, indicating that stronger costs and NGL gross sales helped offset decrease volumes.
Production efficiency was combined, with common day by day working curiosity manufacturing rising by 7% to 144,999 barrels of oil equal per day.
- Onshore manufacturing elevated by 22% to 67,445 boepd, supported by contributions from ANOH and improved output from Elcrest, whereas offshore manufacturing declined by 3% to 77,554 boepd.
- The offshore efficiency was affected by the delayed restart of the Yoho platform and pipeline harm that disrupted gasoline gross sales.
On the fee facet, the price of gross sales elevated by 7.60% to N2.15 trillion from N2.00 trillion, reflecting larger manufacturing bills, royalties and depreciation.
In greenback phrases, the underlying monetary assessment confirmed that manufacturing prices elevated by 22%, whereas non-production prices rose by 21%.
- Unit manufacturing working prices elevated by 14% to $16.00 per barrel of oil equal, partly reflecting expenditure related to the Yoho restoration programme.
- Royalty bills elevated by 17%, reflecting stronger commodity costs, whereas depreciation, depletion and amortisation rose by 27%.
General and administrative bills additionally elevated by 17%, partly due to larger share-based fee costs.
Despite these value pressures, gross profit elevated by 19.75% to N1.62 trillion from N1.36 trillion, whereas working profit rose by 33.05% to N1.46 trillion from N1.10 trillion.
- Adjusted EBITDA elevated to N2.09 trillion from N1.71 trillion, with the EBITDA margin bettering to 55% from 51%.
- The enchancment in working earnings, alongside a 26.88% discount in finance prices to N163.42 billion, supported a 52.75% enhance in pre-tax profit to N1.34 trillion.
Profit after tax grew sooner, rising by 142.47% to N355.55 billion from N146.64 billion, regardless of earnings tax bills rising by 34.79% to N987.15 billion.
The efficient tax fee declined to 74% from 83%, which helped scale back the tax burden relative to pre-tax earnings.
Balance sheet
On the steadiness sheet, whole property stood at N8.18 trillion, in contrast with N8.73 trillion in December 2025, whereas interest-bearing borrowings declined by 27.11% to N1.05 trillion from N1.44 trillion.
- Cash technology remained substantial, though larger tax funds weighed money retained from operations. Post-tax working money move declined by 9%, whereas free money move fell by 10%.
- Nevertheless, decrease capital expenditure and debt repayments strengthened the group’s monetary place, with web debt-to-EBITDA bettering to 0.14 occasions from 0.53 occasions on the finish of 2025.
The firm additionally disclosed that it repaid the excellent steadiness on its acquisition financing facility on 27 October 2026, finishing the compensation of debt raised for the MPNU acquisition.
Market response
Seplat Energy’s share value closed unchanged at N16,000.10 on 28 October 2026, with 57,476 shares traded, in contrast with 9,884 shares within the previous session.
The inventory has gained 175% year-to-date from its opening value of N5,809.
