‎Seplat profit soars 498% as dividend hits new high

‎By Chioma Obinagwam
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‎Seplat Energy PLC has recorded a dramatic turnaround in its unaudited half-year results, with Profit After Tax (PAT) jumping 498 per cent to $164 million as the company rides a wave of favourable oil prices and disciplined balance sheet management.
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‎Confiance News gathered that the London and Lagos-listed independent energy firm declared a total dividend of 12.0 US cents per share for the six months ended June 30, 2026, alongside a raft of financial and operational gains that mark one of its strongest half-year showings in recent memory.
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‎Figures obtained by Confiance News show group revenue climbed to $1.82 billion, up from $1.398 billion year-on-year, while cash generated from operations rose to $985.9 million. Gross profit for the period stood at $815.9 million, a 68 per cent jump from $484.6 million recorded in the corresponding period of 2025.
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‎It was learned that production averaged 139,509 barrels of oil equivalent per day in the first half of the year, a 4 per cent increase from 134,492 boepd in the same period last year, staying within the company’s 2026 guidance range of 135,000 to 155,000 boepd. Second-quarter output climbed further to 149,070 boepd, up 9 per cent year-on-year and 15 per cent above first-quarter levels.
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‎Confiance News understands that adjusted EBITDA rose 28 per cent to $939 million, while earnings per share surged 565 per cent to 26.6 US cents. The company also confirmed it repaid and cancelled $200 million under its Advanced Payment Facility, cutting net debt by 45 per cent to $370.7 million and improving its Net Debt to EBITDA ratio to 0.25x.
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‎Dividend and NNPC Deal Boost Shareholder Returns
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‎Sources close to the company disclosed that Seplat’s planned full-year dividend now stands at 45.0 US cents per share, representing 80 per cent growth year-on-year. It was gathered that a pending agreement to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture to NNPC Limited, valued at $281.6 million, could push total 2026 dividends to 68.3 US cents per share, or $410 million, once completed.
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‎Confiance News confirmed that proceeds from the transaction, expected to close in the second half of 2026, will be split roughly evenly between a special transaction dividend and further debt repayment.
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‎Leadership Transition Set for August
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‎It was also confirmed that Engr. Effiong Okon will take over as Chief Executive Officer from Mr. Roger Brown on August 1, 2026, while Mr. Tony O. Elumelu, CFR, is billed to succeed Senator Udoma Udo Udoma as Board Chairman from January 1, 2027. The company disclosed that Dr. Emma FitzGerald, an Independent Non-Executive Director, will retire from the Board on December 31, 2026, with a search underway for her replacement.
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‎Speaking on the results, outgoing CEO Roger Brown said the company enters this transition period stronger than ever, crediting improved production, a supportive price environment, and strong cash generation for the first-half performance. He noted that the quarterly dividend marks a new high for the company and expressed confidence in incoming CEO Effiong Okon’s ability to build on the momentum.
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