Seplat Leads as Energy Firms Post N2.57tn Revenue

By Blessing Fali

Nigeria’s listed energy companies recorded a combined revenue of about N2.57tn in the first half of 2026, with Seplat Energy emerging as the strongest performer, while power generators Geregu Power and Transcorp Power faced challenges in the electricity sector.

Seplat Energy recorded revenue of $1.82bn, equivalent to about N2.37tn at an exchange rate of N1,300 to the dollar. The company’s revenue increased by 30 per cent from $1.40bn recorded in the corresponding period of 2025.

The company attributed the strong performance to higher oil and gas production and improved commodity prices. Its average production rose by four per cent to 139,509 barrels of oil equivalent per day, while second quarter production increased by nine per cent.

Seplat’s gross profit also rose by 68 per cent to $815.9m, while earnings before interest, tax, depreciation and amortisation increased by 28 per cent to $938.6m.

Profit before tax almost doubled to $574.9m, compared with $292.9m recorded in the first half of 2025. Profit after tax also surged by 498 per cent to $164m.

Meanwhile, Geregu Power recorded a sharp decline in revenue. Its first half revenue fell by almost 79 per cent to N18.66bn from N87.63bn a year earlier.

Transcorp Power recorded N181.96bn in revenue during the period, placing it between Seplat and Geregu in terms of revenue performance.

The contrasting results highlight the different operating conditions facing Nigeria’s oil and gas and electricity sectors, with Seplat benefiting from increased production and stronger commodity prices while power companies continued to face challenges affecting electricity generation and revenue.