Prime Business AfricaSeplat generated N1.22 trillion revenue in the first quarter (Q1) of 2025, almost replicating the N1.65 trillion turnover recorded for the whole of last year.
According to the company’s financial statements for the period ended March 31, 2025, Seplat’s revenue in Q1 this year increased by 356.97 percent from N268.61 billion reported in the same period in 2024.
Join our WhatsApp ChannelThe increase in revenue was due to the acquisition of Mobil Producing Nigeria Unlimited (MPNU) by Seplat in 2024, as it doubled the latter’s oil and gas production and raised its reserves.
The oil firm also saw the cost of sales grow by three digits or 237.92 percent year-on-year, from N204.80 billion to N692.07 billion.
However, the rising expenses had little impact as gross profit rose by 739.06 percent, up from N63.81 billion posted in the first quarter of 2024, to N535.43 billion in the same period this year.
But after accounting for general and administrative expenses, impairment loss on financial assets, and others, Seplat reported N361.26 billion operating profit, which rose by 195.20 percent, compared to the N122.37 billion recorded in Q1 last year.
Finance cost further depleted the profit after rising by 97.69 percent year-on-year to N45.55 billion from N23.04 billion, leaving Seplat with a profit before tax (PBT) of N314.64 billion in Q1 2025, compared to N103.51 billion in Q1 2024 – indicating an increase of 203.96 percent.
The financial statement further revealed that the company paid N279.26 billion in income tax in the period under review, up by 162.49 percent from N106.38 billion in the first quarter last year.
The significant increase in Seplat’s topline pulled the company’s bottom line out of the N2.87 billion loss recorded in Q1 2024, as the company reported N35.38 billion profit after tax (PAT).
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