Seplat Petroleum Development Company Plc has paid N18 dividend per share to its shareholders for the 2018 financial year. The dividend payout amounted to N10.6 billion.
Austin Avuru, Seplat’s Chief Executive Officer, said the company’s operational and financial performance resulted in robust profitability and cash flow generation, which provided an extremely solid foundation for growth for the coming years.
“In 2018, we reinstated the dividend, increased capital investments and with the resources and headroom in our capital structure, we are equipped to capitalise on organic and inorganic growth opportunities as they may arise.
“The board has taken the Final Investment Decision for the ANOH and Amukpe to Escravos alternate export pipeline, which will be completed and fully commissioned in the second quarter of the year.” -Avuru
Seplat’s 2018 Results: The company’s Gross Earnings declined from N28 billion in the first quarter of 2018 to N24 billion in 2019. This marks a 14.28% decrease year on year.
Profit before tax reduced to N5 billion in 2019, from N17 billion in 2018, representing a downturn of 70.5%. Profit after tax, however, increased from N6 billion in 2018, to N10 billion in 2019, representing a boost of 66.6%.
Diluted earnings per share also jumped from N11.11 in 2018, to N17.56 in 2019.
About the company: Seplat Petroleum Development Company Plc is an oil and gas company, that explores for, develops, and produces oil and gas in Nigeria.
The company operates a portfolio of assets in the Niger Delta region, including a 45% interest in the OML 4 that covers an area of 267 square kilometers; a 45% interest in OML 38 that covers an area of 2,094 square kilometers; and a 45% interest in OML 41 that covers an area of 291 square kilometers.
Seplat also holds a 40% non-operated working interest in OPL 283 marginal field area and is located in the northern onshore depo-belt of the Niger Delta; a 40% in OML 53 that covers an area of 1,585 square kilometers and is located onshore in the northeastern Niger Delta; and interest in OML 55 that covers an area of 840 square kilometers and is located in the southeastern Niger Delta.
Seplat Petroleum Development Company Plc was founded in 2009 and is based in Lagos, Nigeria.
The company’s stock is currently trading at N520 on the Nigerian Stock Exchange, NSE.
