Seplat leads as energy firms post N2.57tn revenue

Nigeria's energy sector reported a combined revenue of approximately N2.57tn during the first half of 2026, with some notable variations among the major players. Seplat Energy experienced a significant growth spurt, posting a 30% increase in revenue to $1.82bn, compared to $1.40bn the previous year. This growth was driven by higher production and stronger commodity prices, resulting in a 68% increase in gross profit to $815.9m and a 28% rise in earnings before interest, tax, depreciation, and amortization to $938.6m.

The company's operating performance led to a substantial improvement in profits, with operating profit up by 69% to $655.9m and profit before tax nearly doubling to $574.9m, an increase of 96% from the previous year.

In contrast, power generators Geregu Power and Transcorp Power faced more challenges. Geregu's revenue dropped almost 79% to N18.66bn, while Transcorp Power saw an 11.6% decrease in revenue to N181.96bn. Geregu's gross profit fell 81% to N6.93bn, and its profit after tax plunged 88% to N2.50bn. Transcorp Power's gross profit also decreased, though to a lesser extent, ending the period at N69.82bn.

Despite these challenges, Transcorp Power's operating performance remained strong, with gross profit for the second quarter falling by roughly 12% compared to the same period the previous year.