Seplat Energy Plc, the London-listed Nigerian oil driller where billionaire mogul Tony Elumelu bought a 20.1 per cent interest on the eve of this year, reported a surge of more than fivefold in net profit for the half-year 2026, compared to a year ago.
Shares in the corporation had gained 0.6 per cent as of 12:46 WAT in Lagos, where they have primary listing after the results were issued on Thursday.
On the London Stock Exchange, where the stock has been up by 118 per cent in the past 52 weeks, the share price has appreciated by 0.9 per cent as of 13:01 BST.
According to its latest earnings report, revenue added 15.5 per cent to reach N2.5 trillion, though the robust earnings improvement owed more to cost reduction than to topline growth, with cost of sales as a percentage of turnover dropping to 55.2 per cent from 65.3 per cent.
Purposeful cost management could be seen playing out across other key expenditure categories, including general and administrative costs, which weakened by more than one-fifth to N166.4 billion, helped by a cutback in the spend on employee and share-based benefits.
