SEPLAT ENERGY DECLARES A PROFIT OF N81.3 BILLION IN 2023

Seplat Energy Plc. posted a net profit of N81.330 billion for the financial year 2023, as disclosed in the group’s financial statement. The after-tax profit demonstrated an 83% surge from N44.433 billion in 2022.

The revenue also experienced a notable uptick, rising by 72.54% from N403.9 billion in 2022 to N696.9 billion in 2023. The pre-tax profit marked a 44.75% increase, reaching N125.5 billion compared to N86.7 billion in 2022.

Earnings per share exhibited a significant growth of 106%, reaching N92.75 from N45 in 2022.

The board proposed a special dividend of US 3 cents per share, along with the Q4 2023 declared dividend of US 3 cents per share. The core dividend for 2023 is US 12 cents per share, marking a 20% increase from 2022. Consequently, the total declared dividend stands at US 15 cents per share.

Roger Brown, the Chief Executive Officer of Seplat Energy Plc., lauded the company’s capacity to achieve production growth, fortify the balance sheet, and reward shareholders despite encountering unexpected challenges throughout the year.

He emphasized the strong operational performance, citing an 8% increase in production compared to 2022, and highlighted the lowest reconciliation losses in recent years, showcasing improved security efforts in the Niger Delta. Brown also expressed satisfaction with positive drilling results and reported a robust 2P reserves growth, up 9% from the prior year estimates.

Abiodun Alade; From the News Source: DailyTrust