Seplat gross N403.9bn in 2022 revenue

Seplat Energy Plc has announced its audited results for the full year ended 31 December 2022, growing its revenue by 29.8 per cent to N403.9bn from N293.6bn year-on-year.

Its gross profit also soared to N197.2bn from N114.2bn year-on-year, rising by 63 per cent.

Listed on both the Nigerian Exchange Limited and the London Stock Exchange, Seplat Energy recorded a rise in profit before tax by 15.3 per cent to N86.7bn from N71bn year-on-year.

The company also generated cash from its operations to the tune of N242.4bn from N150.9bn year-on-year, rising by 51.6 per cent.

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According to a corporate notice, 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.

Commenting on the results, Mr Roger Brown, Chief Executive Officer, of Seplat Energy Plc said the company’s strong financial performance will enable the payment of a US7.5 cent final dividend, despite the significantly disrupted production it experienced in the second half of the year.

“The full-year dividend of US15 cents represents a dividend yield of around 11% at the current LSE share price.

“As we enter 2023, new wells are coming onstream, encouraging appraisal drilling underway at Sibiri, and alternative export routes ensuring good export performance in January and February this year. Our gas business continues to develop, with the first gas expected from ANOH in Q4 this year, and we are now in the process of separating our Midstream Gas business from the Upstream unit to unlock new value for shareholders” said Brown, Seplat’s top official.