Seplat Energy Plc, a Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, yesterday released its unaudited results for the nine months ended September 30, 2022, recording a rise in profit before tax by 90.3 per cent to N77.5 billion from N38.6 billion year-on-year. The company also generated cash from its operations to the tune of N154 billion from N64.9 billion year-on-year, rising by 124.7 per cent.
The firm also grew its revenue by 34.4 per cent to N258.7 billion from N182.7 billion year-on-year; as its gross profit soars to N118.5 billion from N58.1 billion year-on-year, rising by 93.5 per cent.
Seplat Energy announced a third quarter dividend payment of US2.5 cents per share, taking the first nine months of 2022 total to US7.5 cents per share; this amounts to a total $44.1 million paid in the period.
In its operations, Seplat Energy demonstrated a strong safety record, which extended to 30.5 million hours without lost-time injury at Seplat Energy-operated assets; eight wells completed, another seven wells to be drilled in fourth quarter-currently drilling four wells; and the Amukpe-Escravos Pipeline commenced commercial operations in August, with 700 kbbls lifted in October.
Commenting on the results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: “Despite an unusually challenging quarter for the Nigerian oil and gas industry, with key export routes being unavailable because of force majeure, we have demonstrated that we have a resilient business. The Amukpe-Escravos Pipeline has been operational since August and we have had our first oil export this month. The Trans Forcados Pipeline has now resumed operations and we continue to increase our use of alternative export routes, giving us confidence that the final quarter of the year will show some improvement in volumes.
“We are working closely with all the relevant stakeholders on our transformational acquisition of MPNU and remain confident that the proposed acquisition will be brought to a successful conclusion in accordance with the law. The acquisition will add significant reserves and production capacity that will strongly reinforce Seplat Energy’s position as Nigeria’s leading indigenous oil and gas producer.
SOURCE: THENATION
