Seplat posts N244bn half year pre-tax profit

Seplat Energy Plc has posted a pre-tax profit of N244 billion for the half year ended June 30, 2024 which indicated an increase of 461 per cent from N43.5 billion recorded in the corresponding period of 2023.

The company disclosed this in its unaudited results for the half-year submitted to the Nigerian Exchange Ltd (NGX) in Lagos Tuesday.

It declared a total dividend of six U.S. cents per share for the period under review, while cash generated stood at N308.2 billion.

The company’s production averaged 48,407 barrels of oil equivalent per day (boepd) in the half year of the ongoing year, compared to 50,805 boepd recorded in the same period of last year.

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Also, Seplat Energy advanced its operating profit to N285.2 billion within the past six months of the current year from N60.2 billion posted in the corresponding months of the year 2023.

The energy firm achieved more than 4.9 million hours without Lost Time Injury (LTI) at Seplat-operated assets in the period under review.

Its average deferments also improved to 24 per cent, compared to 26 per cent posted same period last year.

The revenue of the energy company stood at 421.6 million dollars in half-year 2023, from 547 million dollars posted in the corresponding period of 2023

The energy company said it realised an average oil price of 85.55 dollars/bbl in the period under review, compared to 79.54 dollars/bbl posted same period of the year 2023.

Its average realised gas price also rose to 2.95 dollars/Mscf for the half year 2024, against 2.87 dollars/Mscf recorded in the half year of the previous year.

Commenting on the results, Mr Roger Brown, Chief Executive Officer, Seplat Energy, said the energy firm delivered a solid performance in the first half of 2024.

Brown stated that continued operational strength positions Seplat well for the second half of the year, noting that the coming months are set to be an active one for the company.