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.
The company attributed the improvement to stronger commodity prices and higher cash generation, which helped it benefit from both better market conditions and improved production.
The Chief Executive Officer of Seplat Energy, Roger Brown, said the company had nevertheless prioritised strengthening its balance sheet because of uncertainty over how long elevated commodity prices would persist.
“Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter,” the executive stated in the report.
Further, the results showed that Seplat repaid $200m of an outstanding $300m Advance Payment Facility during the period, equivalent to 20 per cent of its gross debt.
The facility, arranged with ExxonMobil Financial Investment Company Limited in December 2024, was used to help finance the completion of Seplat’s acquisition of ExxonMobil’s Nigerian upstream assets. The repayment reduced the outstanding balance of the facility to $100m, strengthening Seplat’s financial position.
The company also increased shareholder distributions, declaring a quarterly dividend of 12 cents per share. That represented a 33 per cent increase from the first quarter and a 161 per cent increase from the second quarter of 2025.
CEO Brown said production had improved from the first quarter and was expected to increase further in the second half as temporary restrictions were lifted and planned activities were completed.
Geregu is one of Nigeria’s leading electricity generators. Based in Lagos, it operates the Geregu power plant in Kogi State and supplies electricity through the national grid to the Nigerian Bulk Electricity Trading Plc market.
The genco’s earnings fell almost 79 per cent to N18.66bn in the first half of 2026, from N87.63bn a year earlier. This represents a decline of about N68.97bn, leaving the genco with only about one-fifth of the revenue it generated in the corresponding period.
Its gross profit dropped 81 per cent to N6.93bn, from N35.75bn, while profit after tax fell 88 per cent to N2.50bn, from N20.28bn. Basic earnings per share declined to N1, compared with N8.11 a year earlier.
This development comes amid recent concerns over its N40.09bn Series 1 Senior Unsecured Bond. The company briefly defaulted on its eighth coupon and fourth principal payment, but subsequently settled the overdue N6.03bn obligation on Wednesday, clearing the outstanding payment.
Geregu’s total liabilities fell to N204.99bn from N246.38bn at the end of 2025, primarily because of the settlement of trade payables. Total assets also declined to N243.62bn, from N305.01bn, its financial document showed.
Its equity fell to N38.63bn from N58.63bn at the end of 2025, largely reflecting substantial dividend payments during the period.
Meanwhile, Transcorp Power, another major electricity generator, occupied a middle ground. The company operates the Ughelli power plant in Delta State and, together with its Afam asset, has about 2,000MW of installed capacity, making it a significant participant in Nigeria’s power-generation market. It is a subsidiary of Transnational Corporation Plc and therefore part of the wider Transcorp Group.
Its first-half revenue declined 11.6 per cent to N181.96bn, from N205.81bn in the corresponding period of 2025. This represents a decline of about N23.85bn. The company recorded N94.59bn in revenue in the first quarter, down from N105.44bn a year earlier, while second-quarter revenue fell 13 per cent to N87.37bn, from N100.37bn.
Despite the lower revenue, Transcorp Power recorded a gross profit of N69.82bn in the first half, comprising N49.93bn in the first quarter and N19.89bn in the second quarter. Gross profit in the second quarter fell roughly 12 per cent from N22.59bn a year earlier.
The energy firm, a subsidiary of Transnational Corporation Plc, chaired by billionaire Tony Elumelu, recorded a N4.45bn reversal of impairment losses on financial assets in the second quarter, compared with an impairment loss of N764.7m in the same quarter of 2025.
Profit before income tax was N54.99bn in the first half, comprising N39.59bn in the first quarter and N15.40bn in the second quarter. The Q2 figure was not too different from N15.44bn a year earlier.
Transcorp Power’s balance sheet also strengthened during the first quarter. Total assets grew by 8.9 per cent to N613.42bn as at March 31, 2026, from N563.48bn at the end of 2025, driven mainly by higher trade and other receivables and a substantial rise in cash reserves.
Total liabilities increased moderately to N398.46bn, while total equity rose 17.2 per cent to N214.96bn, from N183.40bn, supported by retained earnings from the period’s profits.
Energy delivered accounted for N138.94bn, while capacity charges amounted to N43.02bn in the relevant disclosures.
Transcorp Power also disclosed substantial interest income that has not yet been recognised in its accounts. The company said interest arising from delayed payments under its Power Purchase Agreement with Nigerian Bulk Electricity Trading Plc was internally calculated at about N72.2bn for 2025.
The board, however, chose not to recognise the income until a firm government commitment was secured.
The company also maintained N18bn in bank guarantees issued to gas suppliers and transporters, although it said it did not expect the guarantees to result in material cash outflows.
