From all indications, Seplat Petroleum Development Company Plc is set to pay interim dividends to its shareholders.
A letter, which was sent yesterday to notify the NSE about the company’s April 19th Board Meeting, highlighted Seplat’s Q1 2018 financial result and the declaration of dividends to shareholders as the main issues up for discussion.
Results for the financial year ended December 2017, show revenue increased from ₦63.3 billion in 2016 to ₦138.2 billion in 2017. Seplat also made a profit before tax of ₦13.4 billion in 2017, as against a loss of ₦47.4 billion. Profit after tax hit ₦81.11 billion, of which ₦67.6 billion was from tax credits.
The company recently raised $350 million worth of medium-term notes at 9.25%. Proceeds will be used to pay down the company’s debt and cancel its existing indebtedness.
Seplat’s fortunes have bounced back largely due to its resumption of exports from the Forcados terminal and an increase in crude oil prices. Oil prices this week hit a high of $73 following tweets by Donald Trump on Syria and Russia.
Seplat is currently trading at ₦698.30 in today’s session on the NSE, up 4.99%.
Seplat is an independent indigenous Nigerian upstream exploration and production company with a focus on Nigeria. The Company is listed on the Nigerian Stock Exchange (NSE ticker: SEPLAT) and main market of the London Stock Exchange (LSE ticker: SEPL).
