- Seplat Energy achieved an operating profit of $177 million and declared a 6-cent dividend per share. Revenue, however, declined.
- Seplat Energy’s profit before tax increased to N244 billion.
- Key projects, including the ANOH and Sapele gas plants, are expected to boost production in the year’s second half.
Seplat Energy PLC, a leading Nigerian independent energy company listed on the Nigerian Exchange and the London Stock Exchange, has reported its unaudited results for the first half of 2024. The company achieved a significant operating profit of $177 million, a notable increase from the previous year.
Despite a decline in revenue, Seplat Energy declared a dividend of 6 cents per share for the period. Seplat Energy’s profit before tax surged to N244 billion, up from N43.5 billion year-on-year, reflecting a strong performance.
The company generated N308.2 billion in cash. Although revenue decreased to $421.6 million from $547.0 million in H1 2023, Seplat Energy saw a substantial rise in its operating profit, which grew to N285.2 billion from N60.2 billion the previous year.
Seplat’s Chief Executive Officer, Mr. Roger Brown, highlighted the company’s solid performance and operational strength. He noted the successful commissioning of the ANOH gas plant and the anticipated start of gas production from the Sapele gas plant in the second half of 2024.
These key projects are expected to boost production significantly and substantially support the company’s growth. Brown also mentioned promising developments in the company’s oil business and ongoing efforts to complete the proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU).
With a strong pipeline of projects and a positive outlook for the remainder of the year, Seplat Energy is well-positioned for continued growth and success into 2025. The company’s robust cash generation and solid balance sheet further reinforce its favourable position in the energy sector.