For Seplat Energy financial results, the chief financial officer, Mrs. Eleanor Adaralegbe, said 2024 results benefited from higher production particularly oil production from the consolidation of SEPNU for the final 19 days of the year.
She said total revenue reached a record of $1.116 billion (N1.652trillion) reflecting a higher output partially offset by modestly lower oil price realizations.
The group adjusted EBITDA reached $539 million (N796bn) including $99 million contribution from SEPNU and this represented a 20.3% increase on 2023;
“After taxes of nearly $235 million, our net profit was approximately $145 million. We generated $383 million cash from operations and our Net debt increased to $898 million following the completion of the acquisition of MPNU but despite this, our pro forma net leverage of 0.7 times was flat on 2023 as the company maintained its strong balance sheet”. She noted.
“We maintained good credit ratings in international markets, and this helped us to refinance our $650 million bond in March 2025, where our yield priced inside the comparable Nigerian Government Sovereign bond, a first for Seplat. We look forward to further improvements in key financial metrics in 2025 as a bigger company”.
Commenting on the acquisition of the entire share caputal of MPNU, the Chief Executive Officer, Roger Brown noted that “the increased reserves and production that the Seplat Energy Producing Nigeria Unlimited (SEPNU) assets add to Seplat Energy’s operations is significant, making us to consolidate on our position as the leader, and this is a significant responsibility of stewardship of Nigeria’s natural resources, which we do not take lightly”.
Roger Brown pointed out that along with the oil and gas producing assets “we gain operating control of dedicated shallow water infrastructure and three export terminals, namely Qua Iboe Terminal, Bonny River Terminal and the Yoho Floating Storage and Offloading (FSO) facility, as well as Natural Gas Liquids (NGL) plants at East Area Project (EAP) and Oso”.
Meanwhile, shareholders has approved a core dividend of US$ 3.6 cents per share (N55.27 per share) for the final quarter of 2024. This brings the total core dividend declared for 2024 to US$ 13.2 cents per share (N202.66 per share), a 10% increase on 2023.
In addition, following a review of Seplat’s operational performance and business outlook, the Board decided to declare an additional special dividend of US$ 3.3 cents per share (N46.06 per share).
The 2024 fourth quarter and special dividends will be paid to shareholders whose names appear in the Register of Members as at the close of business on 9 May 2025 (LSE) and 12 May 2025 (NGX). This brings the total dividend declared for 2024 to US$ 16.5 cents per share (N253.33 per share), a 10% increase on 2023.
Market watchers believed that Seplat Energy’s strong performance in 2024 demonstrates its commitment to delivering value to shareholders while prioritizing safety and sustainability. With its robust dividend declaration, the company reinforces its position as a leader in Nigeria’s energy sector. Seplat Energy share price closed at N5,588 on Wednesday May 14, 2025.
Photo Caption: L-R: Mrs. Eleanor Adaralegbe, CFO Seplat Energy Plc; Mr. Roger Brown, CEO; Mr. Udoma Udo Udoma, Chairman; Mrs. Edith Onwuchekwa, Director Legal and Company Secretary; Mr. Samson Ezugworie, COO; and Mrs. Bashirat Odunewu, Senior Independent Non-Executive Director, at the 12th Annual General Meeting (AGM) of Seplat Energy Plc held virtually on Wednesday.
