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Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has announced its unaudited results for the nine months (9M) ended 30 September 2022, recording a rise in profit before tax by 90.3 per cent to N77.5bn from N38.6bn year-on-year.
The company also generated cash from its operations to the tune of N154bn from N64.9bn year-on-year, rising by 124.7 per cent.
The energy company also grew its revenue by 34.4 per cent to N258.7 billion from N182.7 billion year-on-year; as its gross profit soars to N118.5 billion from N58.1 billion year-on-year, rising by 93.5 per cent.
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Seplat Energy is paying Q3 dividend of $2.5 cents per share, taking 9M 2022 total to $7.5 cents per share.
Commenting on the results, Mr Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: “Despite an unusually challenging quarter for the Nigerian oil and gas industry, with key export routes being unavailable because of force majeure, we have demonstrated that we have a resilient business. The Amukpe-Escravos Pipeline has been operational since August and we have had our first oil export this month. The Trans Forcados Pipeline has now resumed operations and we continue to increase our use of alternative export routes, giving us confidence that the final quarter of the year will show some improvement in volumes.”
“We are working closely with all the relevant stakeholders on our transformational acquisition of MPNU and remain confident that the proposed acquisition will be brought to a successful conclusion in accordance with the law. The acquisition will add significant reserves and production capacity that will strongly reinforce Seplat Energy’s position as Nigeria’s leading indigenous oil and gas producer.”
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