Shareholders laud Seplat’s $204.4m profit

Shareholders have lauded Seplat Energy Plc for posting impressive results for the 2022 Financial year, including a total revenue of $951.8 million as well as a profit before tax of $204.4m.

The shareholders spoke at the 10th Annual General Meeting (AGM) of the energy company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE).

The Chairman of Board, Seplat Energy, Mr. Basil Omiyi, said the company’s revenue rose by 29.8 per cent to $951.8m while profit before tax rose by 15.3% to $204.4m.

With the healthy financial performance and solid cash position, the Seplat Energy Board recommended a special dividend of five US cents per share to be paid to shareholders, in addition to the final quarterly dividend of 2.5 cents per share. This brings total dividend for the year to 15 cents per share.

The shareholders at the meeting approved the dividend payout, payable on or around May 16.

Omiyi said the company’s oil business started the year on a strong footing, with working interest production of 29,078 barrels of oil per day (bopd) and 30,338bopd in Q1-2022 and Q2-2022 respectively.

Reacting to the Seplat Energy Chairman’s comment, a shareholder, Mr. Patrick Ajudua, said: “I want to commend the company for the special dividend of 5 cents, in addition to the final dividend of 2.5 cents, bringing the total to 15 cents.”

The President, Noble Shareholders Solidarity Association, Mr. Matthew Akinlade, said: “I wish to commend the Board and management for a good performance.”

The Chief Operating Officer, Seplat Energy, Mr. Samson Ezugworie, said: “As part of Seplat Energy’s drive to become a leading supplier of lower carbon and renewable energy, we are exploring ways to expand into these new and exciting markets.”