H1 2024: Seplat Energy Grows PBT to N244bn, Declares 6 Cents Dividend

Kayode Tokede

Seplat Energy Plc has announced its unaudited results for the for the half year ended June 30, 2024, declaring a profit before tax (PBT) of N244 billion, an increase of 460.9 per cent increase from N43.5 billion reported in half year ended June 30, 2023.

The leading Nigerian independent energy company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE) declared N575.1 billion revenue in H1 2024, representing 278.3 per cent from N106.65billion reported in H1 2023.

In the period under review, the management declared a US 6 Cents total dividend per share for the period.

The company’s production averaged 48,407 boepd (6M 2023: 50,805 boepd), at midpoint of guidance (44,000 boepd – 52,000 boepd).

In the same vein, Seplat Energy advanced its operating profit to N285.2bn from N60.2bn Year-on-Year.

It achieved more than 4.9 million hours without Lost Time Injury (LTI) at Seplat-operated assets in 6M 2024.

 Commenting on the results, Chief Executive Officer, Seplat Energy, Mr. Roger Brown in a statement said: “Seplat Energy delivered a solid performance in the first half of 2024. Continued operational strength positions us well for the second half of the year, which is set to be an active one for the company.

“Reported cash generation was softened by the underlift in the period, but this is largely a timing effect and our cash generation and balance sheet remain strong. In May we were honoured to receive President Tinubu for the commissioning of the ANOH gas plant and associated pipelines, and the project remains on track for first gas in 3Q 2024.

“We thank our government partners for their efforts towards completion of critical pipeline infrastructure in recent weeks. In 2H 2024 we also look forward to first gas on the Sapele gas plant, which alongside debottlenecking activities at Oben should further enhance gas production. We are well on our way to increasing gas production in support of Nigeria’s ‘Decade of Gas’.

“In our oil business, early results from Sibiri have been modestly ahead of expectations, as well, having completed the first of two planned wells, production at Abiala should commence in the coming weeks, finally we look to higher production at Ohaji once stable operations on the Trans Niger Pipeline are achieved. Combined with growth in our gas business, and we are looking forward to a strong second half with momentum to carry into 2025.

“During the quarter a number of important steps were made that support completion of our proposed acquisition of MPNU. We are confident and committed to its completion and continue to work with regulators, government, and other parties to ensure its successful completion.”