Table of Contents
Key Points
- Seplat Energy reports $1.4 billion H1 2025 revenue, up 231% from last year, driven by oil sales and expanded offshore operations.
- Net income fell 45% to $27.4 million due to steep tax charges and rising administrative and finance costs.
- Board approved Q2 dividend of $0.046 per share, keeping 2025 payout growth on track despite profit decline.
Seplat Energy Plc, the energy conglomerate co-founded and partly owned by Nigerian energy tycoon Austin Avuru, reported a sharp jump in revenue to nearly $1.4 billion for the first half of 2025, even as oil prices softened during the second quarter.
The unaudited results for the six months to June 30 show group revenue rose 231 percent to $1.397 billion, up from $421.6 million in the same period last year. The increase was largely driven by higher oil and gas sales and the addition of offshore assets, reflecting the growing scale of Seplat’s operations following recent portfolio expansions.
Crude dominates Seplat’s revenue mix
Crude oil sales made up 93 percent of total revenue in the first half, up from 85 percent a year earlier. Seplat reported an average realized oil price of $72.58 per barrel, about $2 above Brent. Its realized price for Natural Gas Liquids was $35.30 per barrel of oil equivalent—roughly 49 percent of Brent—while its average gas price edged up slightly to $2.97/mscf.
However, the surge in revenue did not translate into higher profits. Net income dropped 45 percent year-on-year to $27.4 million, weighed down by higher administrative and finance costs, and a steep tax expense. The group recorded a N411.6 billion ($268.9 million) income tax bill, made up of a current tax charge of N555.5 billion ($362.9 million) and a deferred tax credit of N144 billion ($94.1 million), based on a projected full-year effective tax rate of 91 percent.
Seplat expands with Mobil Nigeria deal
Seplat Energy, founded in 2009 by Avuru and Ambrosie Orjiako, has grown into Nigeria’s largest publicly traded energy company, with strong roots in the Niger Delta’s oil and gas fields. Avuru owns 8.5 percent of the company, equivalent to 50 million shares, reinforcing his place among Nigeria’s top investors in the sector.
Following its acquisition of Mobil Producing Nigeria Unlimited, Seplat now operates eleven oil and gas blocks across onshore and shallow water terrains in the Niger Delta. Its infrastructure footprint includes export terminals such as Qua Iboe and Yoho FSO, as well as a stake in the Bonny River Terminal’s NGL recovery plant.
The company also runs gas processing facilities at Oben and Sapele and is preparing to launch the 300 million standard cubic feet per day ANOH gas plant in partnership with the Nigerian Gas Infrastructure Company.
Seplat keeps dividend growth on track
As of June 30, 2025, Seplat’s total assets fell slightly to N9.35 trillion ($6.11 billion), down from N9.82 trillion ($6.42 billion) at the end of 2024. Retained earnings dropped to N250.74 billion ($163.8 million) from N319.01 billion ($208.4 million), and the foreign currency translation reserve slipped to N2.38 trillion ($1.55 billion) from N2.39 trillion ($1.56 billion).
Despite the dip in earnings, the company maintained its dividend momentum. The board approved a second-quarter dividend of $0.046 per share, matching the increase announced in the first quarter. That represents a 28 percent rise on the core payout in Q4 2024 and a 53 percent increase compared to Q2 last year. If sustained for the full year, the 2025 dividend will total $0.184 per share, an 11 percent increase over the $0.165 paid in 2024.
