Seplat Energy Plc., a leading Nigerian independent energy company, has grown its revenue to N1.228 trillion from the N268.6 billion recorded in the first quarter of 2025.
The indigenous energy giant on Monday, while announcing its audited results for the three months ended March 31, 2025, also revealed that its gross profit soared to N535.4 billion from N63.8 billion Year-on-Year.
The Chief Executive Officer of the company, Roger Brown company said that the cash generated from its operations for the period grew to N464.9 billion from N25.2 billion Year-on-Year.
He said that profit before tax rose to N314.6 billion from N103.5 billion Year-on-Year.
According to Brown, Seplat delivered robust production and cost performance during 1Q 2025, at a new scale, and firmly on track to deliver FY 2025 guidance.
“Strong cash position supports early repayment of 250 million dollars reducing the Revolving Credit Facility (RCF) to 100 million dollars, and an increase in our quarterly dividend to 4.6 dollars cents per share,” he said.
He said that for the period, production averaged 131,561 barrels of oil equivalent per day (boepd) up 167 per cent from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 boepd).
He said that it also 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).
According to him, 4.8 million hours without LTI was for Seplat Energy Producing Nigeria Unlimited (SEPNU) – formerly Mobil Producing Nigeria Unlimited (MPNU).
“2025 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,” he said.
He said production had 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 are delighted to increase our quarterly dividend to four dollar, six cents/share, an 28 per cent increase in our quarterly dividend versus 4Q 2024,” he said
