Seplat Energy grows Q3 revenue to N258bn

… $44.1m dividend paid in the period  

By Chioma Obinagwam

Leading Nigerian independent energy company, Seplat Energy Plc, has said that its revenue rose by 34.4 per cent to N258.7 billion from N182.7 billion year-on-year in its unaudited results for the nine months ended 30th September 2022.

Confiance News sighted from a Seplat Energy statement on Thursday.

More so, its gross profit soared to N118.5 billion from N58.1billion year-on-year, rising by 93.5 per cent.

The company which is listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE), added that it profit before tax (PBT) grew 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 N154bn from N64.9bn year-on-year, rising by 124.7 per cent,” the statement revealed.

As a result,  Seplat Energy is paying Q3 (third quarter) dividend of US2.5 cents per share, taking 9 months 2022 total to US7.5 cents per share ($44.1 million paid in the period).

Reacting, 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.”

Confiance News also gathered that 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 (Q4) (currently drilling four wells); and the Amukpe-Escravos Pipeline commenced commercial operations in August, with 700 kbbls lifted in October.