Seplat Energy Plc has reported a rise in its profit before tax (PBT) by 15.3% to N86.7 billion for 2022 financial year, from the N71 billion recorded in 2021.
A corporate statement issued by the company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE) on its audited results for the year under review, indicated that it also generated N242.4 billion cash from its operations, representing 51.6% increase from the N150.9 billion it raked in the preceding year
The audited results also reflected that the company grew its revenue by 29.8% to N403.9bn from N293.6 billion it generated in 2021 even as its gross profit soars by 63% to N197.2 billion in the year under review from N114.2 billion revenue it raked in in 2021.
According to the statement, energy company is paying a US7.5 cent final dividend, despite the significantly disrupted production experienced in the second half of the year. This amounts to a full-year dividend of US15 cents, representing a dividend yield of around 11% at the current LSE share price.
In addition to the normal dividend, the Board also recommends a special dividend of US5.0 cents per share in addition to the final dividend of US2.5 cents per share.
Speaking on the results, the company’s Chief Executive Officer, Mr. Roger Brown, said: “I am delighted that our strong financial performance will enable the payment of a US7.5 cent final dividend, despite the significantly disrupted production we experienced in the second half of the year. The full-year dividend of US15 cents represents a dividend yield of around 11% at the current LSE share price.
“As we enter 2023, the business is in a very healthy state, with new wells coming onstream, encouraging appraisal drilling underway at Sibiri, and alternative export routes ensuring good export performance in January and February this year.
“Our gas business continues to develop, with first gas expected from ANOH in Q4 this year, and we are now in the process of separating our Midstream Gas business from the Upstream unit to unlock new value for shareholders”, he added.
The company further reported that on its operations during the year under review, its working interest production averaged 44 kboepd, impacted by outages of key infrastructure predominantly in Q3, 2022.
It also reported that use of Amukpe-Escravos Pipeline (AEP) enabled high uptime in December, exit rate of 53 kboepd.
This is even as the energy company further disclosed that it completed 13 wells, including two wells for the ANOH gas processing plant while its ANOH Gas Processing Plant is 95% mechanically complete, awaiting third-party infrastructure completion.
