Nigeria’s listed energy companies recorded about N2.57tn in combined revenue in the first half of 2026, but their performances varied, with Seplat Energy posting strong growth while power generators Geregu Power and Transcorp Power recorded weaker revenue.
The financial results of Seplat Energy Plc, Geregu Power Plc and Transcorp Power Plc show differences in the performance of oil and gas and power companies. Seplat benefited from higher production and stronger commodity prices, while Geregu and Transcorp Power faced challenges in Nigeria’s electricity sector.
Seplat, an oil and gas producer listed on the Nigerian Exchange and London Stock Exchange, recorded the strongest performance, with revenue rising 30 per cent to $1.82bn in the six months ended June 2026, from $1.40bn a year earlier. At an exchange rate of N1,300 per dollar, that is about N2.37tn; adding Geregu Power’s N18.66bn first-half revenue and Transcorp Power’s N181.96bn first-half revenue brings the combined figure to about N2.57tn.
Seplat’s performance was supported by higher oil and gas production, which averaged 139,509 barrels of oil equivalent per day in the first half, up 4 per cent from a year earlier, its result showed. Production in the second quarter also rose 9 per cent to 149,070 barrels of oil equivalent per day.
The output helped the energy firm increase its gross profit by 68 per cent to $815.9m, while earnings before interest, tax, depreciation and amortisation rose 28 per cent to $938.6m.
Seplat’s operating performance also translated into higher profits. Operating profit rose 69 per cent to $655.9m, while profit before tax nearly doubled, increasing 96 per cent to $574.9m, from $292.9m a year earlier.
The biggest improvement came after taxes, with profit after tax jumping 498 per cent to $164m, from $27.4m in the first half of 2025. This means Seplat kept significantly more of its earnings after accounting for operating costs, financing and taxes.
