…H1 PBT prints higher at $178.9m
Seplat Energy Plc has announced an interim dividend at a rate of US3 cents (United States three cents) per ordinary share, subject to appropriate withholding tax (WHT).
The interim dividend is to be paid to Seplat shareholders whose names appear in the register of members as at the close of business on August 13, 2024.
In its unaudited results for the six months (H1) ended June 30, 2024, the company’s performance shows that its gross profit decreased to $181.5million from $276.3million, down by 34.3percent.
Seplat Energy Plc said on or around August 28, 2024, the interim dividend will be paid electronically to shareholders whose names appear on the register of members as of August 13, 2024 and who have completed the e-dividend registration and mandated the Registrar to pay their interim dividend directly into their bank accounts.
The energy company’s operating profit rose to $209.1million in H1’24 from $118.4million in H1’23, up by 76.7percent. Profit before tax (PBT) in H1’24 increased to $178.9million from $85.4million in H1’23, up by 109.5percent. Cash generated from operations decreased by 13.1 percent to $226million from $260million in H1’2023.
The operational highlights of the leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange show production averaged 48,407 barrels of oil equivalent per day (boepd) (6M 2023: 50,805 boepd), at midpoint of guidance (44,000 boepd – 52,000 boepd). It also recorded pipeline losses of 3.1percent in 6M 2024, which highlights an improving environment for stable operations on the Niger Delta. Average deferments also improved to 24 percent (6M 2023: 26percent).
The energy company said ANOH gas project is on track to reach first gas by end Q3’ 2024. “Critical infrastructure progressed well in Q2 2024; spur line achieved mechanical completion and progress on OB3 pipeline tunnelling means both infrastructure projects are on track for completion during Q3’2024. Abiala-1 workover activity completed, second well commenced, first oil on track for Q3 2024. Sibiri-1 and Sibiri-2 onstream and producing at a combined rate of c.3,000 bopd (gross). Carbon emissions intensity: 28.6 kg CO2/boe (6M 2023: 26.3 kg CO2/boe). Achieved more than 4.9 million hours without Lost Time Injury (LTI) at Seplat-operated assets in 6M 2024,” the company noted in a financial statement at the NGX.
Roger Brown, Chief Executive Officer, Seplat Energy Plc 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,” Brown said.
