Seplat Energy’s Q1 revenue hits 37%

Oluwanifemi Ojo
Oluwanifemi Ojo
Seplat Energy

Seplat Energy Plc’s first-quarter revenue increased by 36.9 per cent to N152 billion from N100.6 billion, while its gross profit for the period rose by 69 per cent to N91.1 billion from N48.8 billion in 2022.

In its released financial report for the first quarter of 2023, Seplat Energy also reported a profit before tax increase by 3.2 per cent year-on-year to N39.5 billion from N34.7 billion reported in the same period last year.

The Blueprint newspaper, the independent energy company also raised its annual dividend target by 20 per cent to US 12 cents, reporting a first-quarter dividend payout of US 3 cents per share.

Seplat Energy’s working interest production increased by 8.6 per cent to 51,720 boepd, and its Amukpe-Escravos Pipeline supported higher export volumes from key Western Assets. The company achieved more than 3.8 million hours without Lost Time Injury at Seplat-operated assets in Q1.

The report also stated that the company’s management remains confident about the proposed acquisition of Mobil Producing Nigeria Unlimited and continues to engage with all relevant parties.

Commenting on the impressive results, the chairman of Seplat Energy Plc, Mr. Basil Omiyi, expressed gratitude to the company’s management team and staff for their excellent performance, which enabled the Board to increase the annual core dividend target from US 10 cents to US 12 cents per share.

He said, “The year has started strongly, and we are now seeing the benefits of the AEP, through which we are exporting significant amounts of oil. On the ANOH gas plant, our partners have made good progress in the quarter on delivering the OB3 and Spur pipelines, as well as the necessary gas wells, and we maintain Q4 2023 for the first gas. We continue to engage with all relevant parties in the proposed acquisition of MPNU and are confident of a successful outcome.

“I wish to thank all our staff for remaining focused on delivering this strong performance, united in their support of Seplat’s management team, against a backdrop of unnecessary distractions that will not derail our progress and ambition to become Nigeria’s leading energy supplier.”

Omiyi expressed his enthusiasm to lead the company under the Succession Forward Plan, which was recently announced by the Board. He stated that he is committed to implementing robust corporate governance that will facilitate the growth of Seplat Energy and achieve its goal of creating a sustainable business that maximizes returns for all stakeholders while driving social and economic benefits for Nigerians. Furthermore, he emphasized that he will be steering the company in his final year as Chairman.

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