{
  "id": 2681184,
  "title": "Seplat leads as energy firms post N2.57tn revenue",
  "url": "https://urgent.news/2026/08/23/seplat-leads-as-energy-firms-post-n2-57tn-revenue",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-23T00:00:58.000Z",
  "source": {
    "name": "Punch Nigeria",
    "slug": "punch-nigeria",
    "url": "https://punchng.com/seplat-leads-as-energy-firms-post-n2-57tn-revenue/"
  },
  "original_language": "en",
  "account": "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.\n\nIn 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.",
  "summary": "Seplat Energy leads Nigerian energy firms with strong revenue growth in H1 2026, while power generators Geregu and Transcorp Power face challenges. Read More: https://punchng.com/seplat-leads-as-energy-firms-post-n2-57tn-revenue/",
  "key_points": [
    "Seplat Energy revenue grew 30% to $1.82bn in H1 2026",
    "Geregu Power and Transcorp Power revenues declined 79% and 11.6% respectively",
    "Seplat's operating profit rose 69% to $655.9m in H1 2026"
  ],
  "editors_take": "Seplat's strong performance, driven by higher production and commodity prices, cements its lead in Nigeria's energy sector, while Geregu Power and Transcorp Power face significant challenges to their revenue and profitability.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}