The company reported revenue of ₦1.16 trillion in Q1 2026, down from ₦1.23 trillion in the same period of 2025, representing a 5.2 percent year-on-year decline.
The drop reflects softer topline performance, likely influenced by pricing dynamics and operational factors within the oil and gas segment.
Cost of sales declined to ₦650.79 billion from ₦692.08 billion, helping to cushion the impact of lower revenue.
Consequently, gross profit settled at ₦512.65 billion compared to ₦535.43 billion recorded in the prior year.
However, operating performance weakened significantly. Other net losses rose sharply to ₦126.41 billion from ₦67.29 billion, while impairment losses on financial assets increased to ₦7.54 billion from ₦810 million. Fair value losses also climbed to ₦19.14 billion from ₦7.65 billion.
General and administrative expenses provided some relief, declining to ₦64.17 billion from ₦98.42 billion. Despite this, operating profit fell to ₦295.41 billion, down from ₦361.26 billion in Q1 2025, representing an 18.2 percent decline.
Finance costs rose to ₦64.51 billion from ₦49.52 billion, reflecting elevated borrowing costs and tighter financial conditions.
Net finance cost increased to ₦60.46 billion from ₦45.56 billion, while share of loss from joint ventures widened to ₦5.84 billion from ₦1.06 billion.
Profit before tax declined sharply to ₦229.10 billion from ₦314.65 billion, a 27.2 percent drop year-on-year. However, a lower income tax expense of ₦176.60 billion compared to ₦279.26 billion in Q1 2025 supported net earnings.
Profit after tax rose to ₦52.51 billion from ₦35.38 billion, representing a 48.4 percent increase. Profit attributable to shareholders increased to ₦46.76 billion from ₦30.68 billion, while non-controlling interests rose to ₦5.75 billion from ₦4.71 billion.
Earnings per share improved to ₦77.95 from ₦52.14, indicating stronger returns to equity holders despite the operational headwinds.
The most significant setback came from foreign exchange exposure. Seplat Energy recorded a foreign currency translation loss of ₦90.27 billion, compared to a gain of ₦2.38 billion in Q1 2025.
This resulted in a total comprehensive loss of ₦37.76 billion, reversing the ₦37.76 billion comprehensive income reported in the corresponding period last year.
The sharp swing highlights the impact of currency volatility on the company’s international operations and financial reporting.
Overall, Seplat Energy’s Q1 2026 performance reflects resilience at the net profit level driven by tax efficiency and cost management.
However, declining revenue, rising finance costs, increased impairments and significant foreign exchange losses point to underlying pressures that could weigh on earnings sustainability in the near term.
