Seplat Energy Reports $840.7M Revenue in Q1 2026

Seplat Energy PLC (NGX: SEPLAT) announced its unaudited financial results for the first quarter ending March 31, 2026, reporting a gross revenue of $840.7 million, which reflects a 4% increase from $809.3 million in the same period last year. The company's gross profit stood at $370.5 million, with a profit after tax of $37.9 million, representing a significant 62.7% increase from $23.3 million in Q1 2025.

Seplat declared a total dividend of 9 cents per share, comprising a base dividend of 5 cents and a special dividend of 4 cents, marking a 96% increase compared to Q1 2025. Cash generation during the period rose to $243.4 million, with cash from operations increasing by 10% to $337.9 million.

The adjusted EBITDA was reported at $371.3 million, reflecting a 44% margin. The company faced challenges due to unplanned downtime affecting production but expects improved performance in the second quarter.

Seplat's balance sheet remains strong, with cash reserves of $461.7 million and a net debt reduction of 21% to $531.6 million.