Prime Business Africa
Seplat Energy generated N2.50 trillion in revenue in the first half (H1) of 2026, rising by 15.48 percent above the N2.16 trillion turnover recorded in the corresponding period in 2025.
In the company’s H1 2026 unaudited financial statement, Seplat disclosed that while turnover increased by double digit, the cost of sales declined by 2.47 percent year-on-year.
Join our WhatsApp ChannelSeplat spent N1.38 trillion on cost of sales between January and June 2026, compared to the N1.41 trillion gulped between the first quarter (Q1) and the second quarter (Q2) of last year
The decline in cost of sales supported a 49.31 percent growth in Seplat’s gross profit, which surged to N1.12 trillion in the first six months of this year, surpassing the N751.24 billion reported in H1 2025.
However, the company recorded net other loss of N39.98 billion in the first half of 2026, as Seplat was not able to replicate the N79.07 billion net other income reported in the same period the year before.
Seplat also reported that general and administrative expenses decreased to N166.36 billion during the period under review, compared to the N209.44 billion incurred in H1 2025, representing a 20.56 percent decline.
This led to operating profit to rise by 49.99 percent to N901.73 billion in the first half of 2026, exceeding the N601.18 billion generated between January and June of the previous year.
Seplat further strengthened its earnings with a 10.36 percent growth in the company’s finance income, which grew to N9.13 billion in H1 2026, above the N8.27 billion recorded in the first six months of 2025.
Also, a 22.86 percent decline in Seplat’s finance costs contributed to the improvement in earnings, as finance cost gulped N116.13 billion in H1 of this year, below the N150.54 billion incurred in H1 2025.
This contributed to the 24.79 percent decline in net finance cost, after Seplat reported N106.99 billion net finance cost in the first half of 2026, compared to the N142.27 billion posted in the corresponding period last year.
In addition, Seplat received N4.31 billion as share of loss from joint venture accounted for using the equity method in H1 2026, down by 10.09 percent when compared to the N4.80 trillion reported in H1 2025.
Following the company’s cost efficiency and revenue growth, Seplat recorded N790.41 billion as pretax profit in the first six months of this year, up by 74.05 percent compared to the N454.11 billion reported in the same period the year before.
With the pretax profit growth, Seplat saw a 37.25 percent increase in its income tax, as the oil producer filed N564.93 billion as tax during the period under review, against the N411.59 billion posted in H1 2025.
The company also recorded 430.29 percent growth in profit after tax (PAT), posting N225.47 billion in the first half of 2026, up from the N42.51 billion earned between Q1 and Q2 of last year.
Meanwhile, Seplat overtook Oando in 2025 to become the market leader in the oil industry.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
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