Seplat hits N1.65trn revenue in FY’24 as PBT reaches N561.4bn

…declares final dividend of US3.6 cents

Seplat Energy Plc has released its audited results for the year ended December 31, 2024. The results at the Nigerian Exchange Limited (NGX) shows Seplat reported revenue of $1.116 billion up 5.2 percent (FY 2023: $1.061 billion), including 19 days contribution from Seplat Energy Producing Nigeria Unlimited (SEPNU). The company noted that its underlying adjusted revenue was stable at $961 million (FY 2023: $962 million).

In naira terms, Seplat revenue rose to N1.651trillion from N696.9billion in 2023. Its gross profit of $479.9million in 2024 represents 9.8 percent decline when compared with $532million in 2023. In naira terms, the energy company’s gross profit rose to N710.1billion from N349.3billion in 2023. Profit before tax (PBT) increased to $379.4million from $191.2million in 2023, up 98.4 percent. In naira terms, its PBT rose to N561.4billion from N125.5billion in 2023.

Seplat Onshore unit production operating expense (opex) was $12.3/boe (2023: $10.4/boe). Cash generated from operations of $384 million, down 26percent on 2023, impacted by; timing of liftings, one-off costs predominately associated with SEPNU acquisition and working capital acquired on consolidation of SEPNU.

It also reported cash capex of $208 million in 2024 (FY 2023: 184 million). Balance sheet remains robust, year-end cash at bank $469.9 million (2023: $450.1 million), excluding $132.2 million restricted cash. Net debt at year end 2024 was $898 million (YE 2023: $306 million).

Seplat also announced a final dividend of US3.6 cents (United States three point six cents) and a special dividend of US3.3 cents (United States Three point Three cents) per Ordinary Share (subject to appropriate WHT) to be paid to Seplat Energy’s shareholders whose names appear in the Register of Members as at the close of business on May 9, 2025. Seplat share priced stood at N5,700.

To enable Seplat Energy’s Registrar, Datamax Registrars Limited (DataMax), prepare for the payment of the dividends, the Register of shareholders will be closed on May 12, 2025. The dividend will be paid in Naira and US Dollars only. The exchange rate for the Naira amounts payable will be determined by reference to the relevant exchange rates applicable to the US dollar on May 8, 2025, and will be communicated by the Company on May 9, 2025.

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On or around May 23, 2025, the dividends will be paid electronically to shareholders whose names appear on the Register of Members as of May 9, 2025, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts. Total dividend declared for 2024 rose to US$16.5c/shr, also up 10 percent on 2023.

2025 outlook…

Seplat Energy stated 2025 average production guidance of 120-140 kboepd (Seplat Onshore 48-56 kboepd, SEPNU 72-84 kboepd). Likewise, initial 2025 capex guidance of $260-320 million. (Seplat Onshore $180-220 million, SEPNU $80-100 million). In 2025, Seplat plans to include 13 new wells onshore, replacement of an inlet gas exchanger on East Area Project (EAP) NGL project offshore and other capex projects.

Also, unit operating costs for the group are expected to be $14.0-15.0/boe. Strategic maintenance and integrity activities will be the focus for SEPNU in 2025. Targeting short cycle oil growth and laying a foundation for sustained improvements in uptime to support our longer term
growth ambitions.

Roger Brown, Chief Executive Officer, said: “2024 was truly a defining year for Seplat Energy. In addition to delivering key growth projects in our existing onshore business, we closed out 2024 by completing the acquisition of SEPNU, the largest in the Company’s history, which adds significant scale and attractive low-cost growth potential. In the first few months since the acquisition, it has already become clear that there is significant prize in the offshore shallow water, operating a closed loop system from well-head production to hydrocarbon sales at the terminal.

“This year we will focus on re-opening previously shut in wells in SEPNU, alongside another full drilling campaign for our onshore assets and we look forward to delivering first gas at ANOH. We will also accelerate the subsurface work and contracting needed to commence an infill drilling campaign at SEPNU.

“Our confidence in the future trajectory for the enlarged business, combined with our strong financial position, means that we are delighted to declare a special dividend again for 2024, lifting the total dividend for 2024 to $16.5 cents per share, an uplift of 10percent from 2023.

The Seplat Energy team is rightly proud of its achievements in 2024, and we fully intend to continue our mission to create significant shared value and enhance prosperity for all our stakeholders in Nigeria and beyond.”