Seplat, Co-founded By Austin Avuru, Reports Nearly 1.4 Billion In Half-year Revenue

Seplat Energy reports 1.4 billion H1 2025 revenue, up 231 from last year, driven by oil sales and expanded offshore operations.

Net income fell 45 to 27.4 million due to steep tax charges and rising administrative and finance costs.

Board approved Q2 dividend of 0.046 per share, keeping 2025 payout growth on track despite profit decline.

Seplat Energy Plc, the energy conglomerate co-founded and partly owned by Nigerian energy tycoon Austin Avuru, reported a sharp jump in revenue to nearly 1.4 billion for the first half of 2025, even as oil prices softened during the second quarter.

The unaudited results for the six months to June 30 show group revenue rose 231 percent to 1.397 billion, up from 421.6 million in the same period last year. The increase was largely driven by higher oil and gas sales and the addition of offshore assets, reflecting the growing scale of Seplats operations following recent portfolio expansions.

Crude oil sales made up 93 percent of total revenue in the first half, up from 85 percent a year earlier. Seplat reported an average realized oil price of 72.58 per barrel, about 2 above Brent. Its realized price for Natural Gas Liquids was 35.30 per barrel of oil equivalentroughly 49 percent of Brentwhile its average gas price edged up slightly to 2.97/mscf.

However, the surge in revenue did not translate into higher profits. Net income dropped 45 percent year-on-year to 27.4 million, weighed down by higher administrative and finance costs, and a steep tax expense. The group recorded a N411.6 billion 268.9 million income tax bill, made up of a current tax charge of N555.5 billion 362.9 million and a deferred tax credit of N144 billion 94.1 million, based on a projected full-year effective tax rate of 91 percent.

Seplat Energy, founded in 2009 by Avuru and Ambrosie Orjiako, has grown into Nigerias largest publicly traded energy company, with strong roots in the Niger Deltas oil and gas fields. Avuru owns 8.5 percent of the company, equivalent to 50 million shares, reinforcing his place among Nigerias top investors in the sector.