• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Equities Company Results

Seplat Energy reports N561.4 billion pre-tax profit, declares final and special dividends 

Izuchukwu Okoye by Izuchukwu Okoye
March 4, 2025
in Company Results, Equities, Markets
Seplat Energy
Share on FacebookShare on TwitterShare on Linkedin

Seplat Energy Plc has published its financial report for the fiscal year ended 31 December 2024, revealing a pre-tax profit of N561.4 billion.

This represents a 347.21% increase from the N125.5 billion reported in the previous year, amid growth in the company’s overall revenue.

For FY 2024, Seplat’s total revenue reached N1.6 trillion, a significant rise from N696.8 billion the prior year, with crude oil sales constituting 88% of this revenue and gas sales following as the next largest contributor.

RelatedStories

Seplat Energy trains 50 editors, correspondents on media entrepreneurship in Lagos 

Seplat Energy trains 50 editors, correspondents on media entrepreneurship in Lagos 

July 1, 2025
InfraCredit’s guarantee supports affordable housing project with modern shelter’s debt transaction funded by Shelter Afrique Development Bank     

InfraCredit reports N1.8 billion profit in the first Q1 2025, down 95% YoY 

June 20, 2025

Additionally, Seplat Energy has declared a final dividend of US 3.6 cents per ordinary share and a special dividend of US 3.3 cents for the period ended 31 December 2024, both subject to withholding tax, for registered shareholders.

The company stated that the final dividend will be paid to shareholders listed in the Register of Members as of the close of business on May 9, 2025.

Elaborating on the qualification date, the company stated: “The qualification date is the close of business on May 9, 2025. Additionally, on the London Stock Exchange, the Associated Record Date will also be May 9, 2025, while the Ex-Dividend date is set for May 8, 2025.’’

Key Highlights (2024 vs 2023) 

  • Revenue: N1.6 trillion, +137% YoY
  • Cost of sales: N941.4 billion, +170.90% YoY
  • Gross profit: N710 billion, +103.27% YoY
  • Other income: N54.9 billion, -168.64% YoY
  • General and administrative expenses: N217.8 billion, +131.05% YoY
  • Operating profit: N647.9 billion, +295.73% YoY
  • Finance income: N19.5 billion, +211.05% YoY
  • Finance costs: N136.5 billion, +200.44% YoY
  • Pre-tax profit: N561.4 billion, +347.21% YoY
  • Post-tax profit: N214.2 billion, +163.43% YoY
  • Total Assets: N9.8 trillion, +221.64% YoY
  • Retained Earnings: N319 billion, +38.28% YoY

Commentary 

Seplat Energy reported a full-year revenue of N1.6 trillion for FY 2024, up from N696.8 billion in 2023.

  • Crude oil sales accounted for 88% of total sales at N1.4 trillion, while gas sales contributed 11.19% at N184.8 billion, and natural gas liquids added a minimal N389 million.

However, the cost of sales increased significantly by 170.90%, reaching N941.4 billion, compared to N347.5 billion in the prior year.

  • Major drivers of this increase included Operations & Maintenance Costs at N318.5 billion, Depletion, Depreciation, and Amortisation at N265.3 billion, and Royalties totaling N216 billion.

Despite the higher costs, gross profit rose by 103.27% to N710 billion, up from N349.3 billion in FY 2023.

  • Other income recovered from a loss of N80 billion last year to a gain of N54.9 billion in 2024, with foreign exchange gains contributing N44.9 billion and Underlift/(Overlifts) at N15.5 billion.

On the downside, general and administrative expenses spiked to N217.8 billion, marking a 131.05% increase from N94.2 billion in 2023, primarily due to rising employee benefits and consulting fees.

  • Operating profit rose to N647.9 billion, an increase of 295.73% year-over-year from N163.7 billion.
  • The company’s finance income, mainly from interest, increased by 211.05% to N19.5 billion compared to N6.2 billion the previous year. However, finance costs surged by 200.44%.

In summary, Seplat reported a pre-tax profit of N561.4 billion for FY 2024, marking a 347.21% increase from N125.5 billion in FY 2023. The company’s post-tax profit also rose by 163.43% year-over-year to N214.2 billion.

Asset position 

In 2024, Seplat’s total assets reached N9.8 trillion, a significant increase from the N3 trillion reported in 2023.

The company’s non-current assets totaled N6.9 trillion, primarily driven by oil and gas properties, which accounted for N5 trillion of this total.

Concurrently, total current assets rose to N2.8 trillion, a notable increase from N861.9 billion in the previous year.

  • Within this category, trade and other receivables represented over 40%, amounting to N1.15 trillion, while inventories contributed N725.5 billion.

Follow us for Breaking News and Market Intelligence.
Tags: pre-tax profitSeplat Energy Plc
Izuchukwu Okoye

Izuchukwu Okoye

Okoye Izuchukwu is a financial market writer and trader with extensive expertise in both Nigerian and international markets. With a keen eye for market trends and a passion for insightful analysis, he translates complex financial concepts into engaging content. By combining practical trading experience with thorough research, Okoye offers valuable perspectives that empower readers to make informed decisions in the ever-evolving world of finance.

Related Posts

Seplat Energy trains 50 editors, correspondents on media entrepreneurship in Lagos 
Companies

Seplat Energy trains 50 editors, correspondents on media entrepreneurship in Lagos 

July 1, 2025
InfraCredit’s guarantee supports affordable housing project with modern shelter’s debt transaction funded by Shelter Afrique Development Bank     
Company Results

InfraCredit reports N1.8 billion profit in the first Q1 2025, down 95% YoY 

June 20, 2025
Sterling Bank concludes core application migration, leads the way for African Banking
Company Results

Sterling reports N18.2 billion profit in Q1 2025 as loan income soars; declares dividend 

June 20, 2025
Oando Energy secures operatorship of Block KON 13 in Angola, targets increased productivity 
Equities

Oando share price gains over 39% in the Nigerian stock market, after wave of positive events 

June 12, 2025
Seplat Energy is first to receive CIPS Procurement Excellence Standard Certificate in Nigeria 
Companies

Seplat Energy is first to receive CIPS Procurement Excellence Standard Certificate in Nigeria 

June 10, 2025
Dangote Cement
Equities

Dangote Cement earned over N1.4 trillion in Africa last year, but this country led the pack 

June 4, 2025
Next Post
Telecom

MTN, Airtel drive telecom growth as subscriptions hit 169.3 million 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document
  • Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC
  • Oyo State approves N7.7 billion for two surveillance aircraft to combat insecurity 

Follow us on social media:

Recent News

IGP prosecutes Nigerian businessmen over alleged N13.5 billion forex fraud dispute  

IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document

July 9, 2025
Nigeria’s gas flare commercialisation programme could unlock $2.5 billion investment – NUPRC 

Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC

July 9, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics