By Chioma Obinagwam
Leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, Seplat Energy PLC said that it posted a revenue of N1.228 trillion for the first quarter (Q1) ended 31st March 2025.
The Company told Confiance News in a statement on Sunday.
According to the audited results, the revenue rose to N1.228 trillion for the period under review from N268.6 billion reported in Q1, 2024. 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 1Q 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 131,561 barrels of oil equivalent per day (boepd) up 167% from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).
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).
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