Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has announced its audited results for the full year ended 31 December 2022, with declaration of $15 cent per share after a recorded a rise in profit before tax by 15.3 per cent to N86.7billion from N71billion year-on-year.
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The company also generated cash from its operations to the tune of N242.4billion from N150.9billion year-on-year, rising by 51.6 per cent.
The energy Company’s also grew its revenue by 29.8 per cent to N403.9bn from N293.6bn year-on-year; as its gross profit soars to N197.2billion from N114.2billion year-on-year, rising by 63 per cent.
Seplat Energy 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 per cent at the current LSE share price.
In its operations, Seplat Energy’s working interest production averaged 44 kboepd, impacted by outages of key infrastructure predominantly in Q3. Use of Amukpe-Escravos Pipeline (AEP) enables high uptime in December, exit rate of 53 kboepd.
The Company completed 13 wells including two wells for the ANOH gas processing plant. ANOH Gas Processing Plant is 95 per cent mechanically complete, awaiting third-party infrastructure completion.