Seplat Energy, an oil and Gas company listed on both the Nigerian Exchange and the London stock exchange. Seplat revealed a significant increase in earning growth for the financial year 2023.
According to the Audited Financial statement as at 31 December 2023, the annual profit increased by 83% as it amounted to N81.33 billion from N44.433 billion in the comparable period in 2022. The revenue also increased by 73% from N404 billion in year 2022 to N697 billion in 2023.
In US dollar terms, the profit attributable to the shareholders is $83.1 million compared to$62.4 million in the previous year. The board is recommending a final dividend of $0.03 per shares and a special dividend of $0.03 for the period, payable to shareholders on records on April 26. It paid $0.025 and $0.05 respectively a year ago.
Details showed that revenue grew by 12% year on year to $1,061.3 million from $951.8 million in 2022. The average realized oil price was $83.39 per barrel (bbl), lower than $101.67/bbl achieved in 2022.
Also, the average realised gas price settled at $2.90/Mscf, a decline from $2.82/Mscf in the comparable year. The company said unit production operating expenses rose marginally to $10.4/boe from $10.3/boe in 12 months.
Its audited result showed that cash generated from operations declined by 10% year on year to settle at $520 million due to the need to fund capital expenditure of $184 million and enhance shareholder returns.
Balance sheet strengthened with year-end cash at bank $450 million, from $404 million, excluding $128.3 million MPNU deposit. Net debt at year-end 2023 reduced to $306 million from $366 million in 2022.