Oil and gas stocks are the worst performers year-to-date (YTD) on the Nigeria Exchange (NGX) and have not participated in the ongoing rally so far this year.
The six member NGX oil and gas index has returned -12.87% YTD, compared to +35% for the NGX All Share Index (ASI), +38.8% for the NGX Banking Index, +78% for the NGX Insurance Index, +82% for the NGX Consumer Goods Index and +36.3% for the NGX Industrial Goods Index.
The NGX Oil and Gas Index is made up of Conoil, Eterna, Aradel, Oando, Total and Seplat Energy.
Seplat Energy reported a 45% slump in profit after tax despite recording revenue growth in the six months (H1) period to June 2025, due to a materially higher tax rate.
Profit after tax fell to $27.4 million in H1, 2025, compared to $49.9 million in H1, 2024. This was despite a 231% surge in revenue for the period compared to a year earlier.
Aradel Holdings Plc, a Nigerian integrated energy firm recorded double digit profit growth in the First Half (H1) of 2025, as production volumes stabilized, however there is a major risk for investors buried in the notes of the earnings result.
Aradel said it had contingent liabilities in respect of legal suits against Aradel Energy Limited as the operator of the Ogbele oil field, and the possible liabilities from these cases amount to N1.2 trillion.
The liabilities have not been incorporated into its released financial statements, according to Aradel, which says the Group will not suffer any loss from the outstanding claims.
Aradels Profit after tax (PAT) increased by 40.19 percent to N146.39 billion in June 2025 from N104.42 billion as at June 2024.
Oando Plc an Indigenous Nigerian oil and gas producer/trading firm recorded N52.5 billion in pre-tax loss in the first quarter (Q1) of 2025.
The bottom line was however boosted by N165.6 billion in tax credit which led to a profit after tax of N113 billion for the three months’ period that ended March 2025.
As at March 2025, the Group had four operating segments namely: Exploration and production(E&P), Supply and Trading, Mining & infrastructure development and Corporate and others.
Three out of the four segments reported losses including Supply and Trading which reported a loss of N5.23 billion, Mining reported a loss of N25.74 million, and Corporate a loss of N21.75 billion.
Exploration and Production had a loss before income tax of N25.54 billion, which translated into an after tax profit of N140 billion after the income tax credit of N165 billion.
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