Seplat Energy Plc has set an exchange rate of N1,537.09 per US dollar for calculating its Q2 2025 interim dividend to shareholders.

The rate was disclosed in a notice filed with the Nigerian Exchange and signed by Eleanor Adaralegbe, the company’s Chief Financial Officer.

The rate applies to shareholders receiving their dividend in Naira and is based on the Central Bank of Nigeria’s NFEM rate of August 12, 2025.

For the quarter, Seplat declared a dividend of US 4.6 cents per ordinary share of 50 kobo each, payable on August 28, 2025.

According to Seplat,  this equates to a total payout of $67.7 million, a 28% increase from the $53 million paid in the first half of 2024.

The announcement follows a Q2 performance, during which Seplat posted a pre-tax profit of N139.4 billion.

Talking about the performance generally, Seplat Energy Plc delivered a strong top-line growth in Q2 2025, with revenue surging 206.5% to N939.2 billion, lifting H1 2025 revenue to N2.1 trillion, already 31% above the company’s full-year 2024 revenue.

This strong growth was driven mainly by a sharp rise in crude oil production.

In H1 2025, Seplat’s average daily working interest production jumped to 134,492 barrels of oil equivalent per day (boepd), nearly triple the 48,407 boepd recorded in H1 2024.

However, higher direct costs and overheads outpaced top-line growth, tightening margins.

Gross profit rose 18% year-on-year to N215.8 billion in Q2, pushing H1 gross profit up 204% to N751.2 billion.

Yet, gross profit margin dropped sharply to 23% in Q2 2025 from 59.94% a year earlier.

Operating profit followed a similar pattern, up 47% to N239.9 billion in Q2 and 111% to N601 billion for H1 2025.

However, operating profit margin fell to 25% in Q2 (down 52%) and 28% in H1 (down 44%), reflecting cost pressures.

As a result, pretax profit in Q2 slipped 0.76% to N139.4 billion, compared to N140.5 billion in the same period of 2024.

“Seplat has continued its positive trajectory in Q2 to deliver a strong performance for the first half of 2025. Our focus on integrity, reliability, and production improvement activities is bearing fruit, as evidenced by strong production in Q2, with onshore at the upper end of guidance and offshore growing 11% quarter-on-quarter.

“The company delivered first-half production over 10% higher than pro-forma output in the same period last year, supporting both our ambitions and Nigeria’s oil and gas growth goals.”