Seplat Energy reports N81.3bn profit in 2023

Seplat Energy Plc. has reported a profit after tax of N81.330 billion for the 2023 financial year.

According to the filing of the group’s financial statement, the profit after tax grew by 83% to N81.330 billion from N44.433bn in 2022.

While revenue was also up by 72.54% from N403.9bn in 2022 to N696.9bn in 2023, it recorded a pre-tax profit of N125.5bn from N86.7bn in 2022, representing a 44.75% increase.

Earnings per share were up by 106% to N92.75 from N45 in 2022.

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The board recommended a special dividend of US 3 cents per share, in addition to the 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, the total dividend declared is US 15 cents per share.

The Chief Executive Officer of Seplat Energy Plc., Roger Brown, commended 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.