Seplat Energy Plc has announced that an exchange rate of 1,681.42 NGN to 1 USD will be used to determine the Naira equivalent of its third-quarter 2024 interim dividend for shareholders opting to receive their payouts in the local currency.
This announcement was detailed in a disclosure published on the Nigerian Exchange Limited (NGX) on November 12, 2024.
The document, signed by the company’s Chief Financial Officer, Eleanor Adaralegbe, clarified that the stated exchange rate reflects the NAFEM closing rate as of November 11, 2024.
It stated:
“Seplat Energy PLC (‘Seplat’ or the ‘Company’), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London Stock Exchange, today confirms that the below currency exchange rate is applicable in determining Q3 2024 interim dividend to shareholders that will receive the dividend payment in Naira (NGN).”
It further noted: “The exchange rate for the Naira amounts payable is the NAFEM closing rate for November 11, 2024. Exchange Rate: 1 USD = 1,681.42 NGN.”
Backstory
On October 29, 2024, Seplat announced an interim dividend of 3.6 US cents per ordinary share of 50 kobo each, subject to applicable withholding tax.
According to the company, the dividend will be payable to shareholders on its Register of Members as of the close of business on November 12, 2024, with the register closing on November 13, 2024.
The company emphasized that payments would be made either in Naira or US dollars, based on the shareholder’s individual preferences and eligibility:
- Shareholders holding shares on the Nigerian Exchange (NGX) without a valid Nigerian Certificate of Capital Importation (CCI) will receive their payments in Naira.
- Meanwhile, US Dollar payments will be made to shareholders on the NGX with a valid CCI and to those holding depository interests through the London Stock Exchange (LSE).
Financial performance
Seplat’s dividend payout reflects its strong financial performance for Q3 2024.
- The company reported a remarkable 532.15% year-on-year (YoY) increase in profit before tax (PBT) to 122.663 billion NGN, driving its nine-month PBT to 366.7 billion NGN.
- Revenue also saw significant growth, with Q3 2024 revenue climbing 148.18% YoY to 495.845 billion NGN, compared to 199.7 billion NGN in Q3 2023.
- For the first nine months of 2024, total revenue reached an impressive 1.071 trillion NGN, representing a 124% YoY growth.
- Seplat also recorded an operating profit of N126.1 billion in Q3, representing a 305.54% year-on-year (YoY) increase, while earnings per share rose by 31.21% YoY to N3.91.
