Strong production uplift from MPNU drives ₦3.36 trillion revenue; ₦1.096 trillion operating profit underscores scale efficiency
Executive Summary
Seplat Energy Plc (“Seplat” or “the Company”) reported a robust performance for the nine months ended 30 September 2025, reflecting the full impact of the MPNU acquisition and strong operational execution. The Company achieved record revenue of ₦3.36 trillion, representing a 214% year-on-year increase from ₦1.07 trillion in 9M 2024, supported by a 185% surge in working interest production.
Profitability remained solid, with gross profit rising to ₦1.36 trillion (9M 2024: ₦531.5 billion) and operating profit up 167% to ₦1.10 trillion. Earnings before interest, taxes, depreciation, and amortization (EBITDA) expanded sharply to ₦1.72 trillion, underscoring operational leverage from higher output and improved cost efficiency.
The Company declared a total interim dividend of 7.5 US cents/share (5.0 cents base + 2.5 cents special), consistent with its new policy to progressively return more free cash flow to shareholders.
Operational Review
- Production Volume: Working interest production averaged 135,636 boepd, up 185% YoY from 47,525 boepd, supported by the integration of the MPNU assets and continued uptime improvements across operated fields.
- 3Q 2025 production averaged 137,888 boepd, up 1% QoQ and at the upper end of revised guidance (130–140 kboepd).
- Refining & LPG Progress: The Company sold its first Liquefied Petroleum Gas (LPG) cargo into the domestic market, expanding its footprint in Nigeria’s clean cooking and gas utilization agenda.
- Gas Operations: The ANOH Gas Processing Plant remains on track for first gas in Q4 2025, expected to materially increase domestic gas supply and revenue diversification.
- HSE & Sustainability: Significant progress was made towards ending routine flaring onshore in Q4 2025, aligning with Seplat’s ESG commitments.
Financial Position
- Total Assets: ₦9.05 trillion (FY 2024: ₦9.82 trillion) – slight contraction due to depreciation and FX translation effects.
- Equity: ₦2.70 trillion, reflecting dividend distribution and FX reserve adjustments.
- Net Debt: Improved leverage ratio of 0.27x ND/EBITDA, well below internal target, supported by strong cash generation.
- Cash and Cash Equivalents: ₦849.5 billion (FY 2024: ₦721.4 billion).
Dividend
- Declared interim dividend: 7.5 US cents/share, consisting of:
- Base dividend: 5.0 US cents/share
- Special dividend: 2.5 US cents/share This aligns with Seplat’s new progressive dividend policy targeting higher free cash flow returns to shareholders.
Outlook
Seplat Energy enters Q4 2025 with strong momentum. Management reaffirmed production guidance of 130–140 kboepd, and the upcoming commissioning of the ANOH gas project is expected to further boost revenue stability. The Company’s continued focus on deleveraging, cost optimization, and disciplined capital allocation supports long-term value creation in line with its 2030 growth roadmap.
Analyst View
Seplat’s 9M 2025 results mark a transformational year, reflecting the full benefit of its MPNU acquisition and expanding domestic gas ambitions. The strong operating cash flow, low gearing, and increasing shareholder returns strengthen its position as Nigeria’s leading integrated independent energy company. With the ANOH plant nearing completion, Seplat is poised to sustain earnings resilience and robust free cash flow into FY 2026.
Disclaimer
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