February 26, (THEWILL) — Seplat Energy Plc has reported a strong financial performance for the full year ended 2025, with profit before tax (PBT) rising by 86.7 percent to $497.8 million, compared to $266.7 million recorded in the preceding year, driven by higher production volumes and improved operational efficiency.
The indigenous energy company posted revenue of $2.726 billion, representing a 144.2 percent increase from $1.116 billion in 2024. The significant growth reflects a full-year contribution from offshore assets, reinforcing the company’s strategic expansion across its portfolio.
Gross profit climbed sharply by 156.4 percent to $904.5 million from $352.4 million in the prior year, while adjusted EBITDA surged by 137 percent to $1.275 billion, compared with $539 million in 2024, underscoring stronger margins and operational leverage.
Operational efficiency also improved during the period, with unit production operating costs declining by 5 percent to $15.7 per barrel of oil equivalent (boe), down from an adjusted $16.5/boe recorded in 2024.
Cash generation remained robust, as cash generated from operations rose by 276 percent to $1.165 billion, compared to $310 million in the previous year. Cash capital expenditure stood at $266.8 million, up from $208.1 million in 2024, reflecting continued investment in asset development and production growth.
During the year, the company completed total payments of $326.2 million related to its acquisition from ExxonMobil. Notably, no MPNU contingent consideration was payable to ExxonMobil for 2025.
Seplat’s balance sheet strengthened further, with net debt declining by 25 percent year-on-year to $673.3 million at the end of 2025, from $897.8 million in 2024. Net debt-to-EBITDA improved to 0.53x, reflecting stronger earnings and disciplined financial management.
In line with its improved earnings and cash flow position, the company declared a fourth-quarter dividend of 8.3 US cents per share, representing an 11 percent increase quarter-on-quarter and 20 percent growth year-on-year. The payout consists of a base dividend of 5.0 cents and a special dividend of 3.3 cents per share.
Total dividend declared for 2025 stood at 25.0 US cents per share, equivalent to approximately $150 million, marking a 52 percent increase compared to 2024. The increase reflects management’s confidence in the company’s outlook, supported by strong free cash flow generation and a resilient balance sheet.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.