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Seplat Energy grows 2023 H1 revenue by 3.8% to N278.3bn.

Seplat gas revenue grows to $63.7m

SEPLAT Energy Plc, has reported a 3.8 per cent rise in revenue to N278.3 billion from N219.2 billion in its unaudited results for the six months ended 30 June 2023.

The company, listed on both the Nigerian Exchange Limited and the London Stock Exchange, also declared a Q2 2023 dividend of US3 cents per share, in line with higher core annual dividend of US12 cents.

According to the financial result, the energy company’s also grew its 2023 H1 gross profit to N140.6 billion from N114.1 billion year-on-year. The Company, in its announcement, described the operating performance for the period as solid, given a two-percent increase in production, helped by reduced losses on its Western Asset, which is benefitting from the availability of the Amukpe-Escravos Pipeline and increased output from OML40.

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Commenting on the impressive results, Mr Roger Brown, Chief Executive Officer, Seplat Energy said: “Seplat Energy’s continuing strong performance puts us on track for an excellent year that will support the increased quarterly dividends we announced in April, and our balance sheet remains strong despite the impact of the recent Naira devaluation. We are benefiting greatly from the use of the new Amukpe-Escravos pipeline, which has supported our robust cash generation this year, and remain focused on improving operations, reducing costs where possible and further derisking the business. We continue to strengthen our Company in the knowledge that our efforts to improve governance and sustainability are widely supported by Nigerian and international investors.

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“The distraction of frivolous legal actions is receding, and we are focused on developing our assets and launching our joint venture ANOH Gas Processing Plant, which will significantly boost our cash generation in the coming years. We expect that this will enable us to fund additional investment in Nigeria’s energy infrastructure and return higher dividends to shareholders.

“We remain confident that our proposed and transformational acquisition of MPNU will be approved, enabling us to scale into a significant energy supplier with diverse and productive assets that have potential to generate substantial benefits for Nigeria. We wholly align and support the recent government’s efforts to make Nigeria a more attractive place to invest and continue to focus on delivering affordable and reliable energy for Nigeria’s young, entrepreneurial and rapidly growing population.”

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