Seplat Energy Plc has released its full year 2023 financial result posting a profit after tax of N81.330 billion amidst economic headwinds.
This was contained in the group’s financial statement released to the Nigerian Exchange Limited and seen by Nairametrics.
The group’s profit after tax grew by 83% to N81.330 billion from N44.433 billion reported in 2022.
Seplat also posted a pre-tax profit of N125.5 billion, representing a 44.75% increase from the N86.7 billion posted in FY 2022.
The Board recommended a special dividend of US 3 cents per share, in addition to Q4 2023 declared dividend of US 3 cents per share.
The core dividend declared for 2023 is US 12 cents per share, up 20% on 2022. Therefore, total dividend declared is US 15 cents per share.
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Key Highlights FY 2023 (FY 2022, % Change)
- Revenue: N696.9 billion (N403.9 billion, +72.54)
- Gross profit: N349.3 billion (N197.2billion, +77.13%)
- Profit before tax: N125.5 billion (N86.7 billion, +44.75%)
- Profit for the period: N81.330 billion (N44.433 billion, +83%)
- Earnings per share: N92.75 (N45.00, +106%)
What the company is saying
The Chief Executive Officer of Seplat Energy Plc, Roger Brown said the company’s ability to deliver production growth, fortified balance sheet and reward shareholders despite facing some unexpected challenges during the year.
- “Operational performance was strong, production increased 8% over 2022 and we recorded the lowest level of reconciliation losses seen in recent years, a testament to the improving security efforts on the Niger Delta. Drilling yielded positive results, and I’m pleased to report strong 2P reserves growth, up 9% on prior year estimates.
- “Our revenue exceeded $1bn, and while costs increased, our proactive approach meant we generated more than $260m of free cash flow in the year, allowing us to continue rewarding our shareholders and further reduce net debt”.
On outlook, Mr Brown said in 2024, “We look forward to a number of key growth events. We are moving forward on both the Sibiri and Abiala developments on OML40. Clear progress is also being made on the important ANOH gas project, with the first gas expected in 3Q 2024.
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