Seplat Energy Plc has confirmed the exchange rate that will apply to its 2024 dividend payments for shareholders opting to receive their dividends in Naira.
In a disclosure filed with the Nigerian Exchange (NGX) on May 9 and signed by the company’s Chief Financial Officer, Eleanor Adaralegbe, Seplat announced that it will pay dividends using an exchange rate of N1,609.6357 per US dollar.
This rate, the company stated, reflects the CBN’s Foreign Exchange Market (NFEM) rate as of May 8, 2025, and will apply to both the final and special dividends for the 2024 financial year.
The announcement follows an earlier declaration made in early March 2025, in which Seplat revealed a final dividend of US 3.6 cents per ordinary share and a special dividend of US 3.3 cents for the year ended December 31, 2024.
As previously communicated, the dividend will be distributed to shareholders listed on the Register of Members as of the close of business on May 9, 2025, and will be subject to applicable withholding tax and regulatory approvals.
What to know
- The total dividend amounts to US 6.9 cents, which translates to N111.06 per share, totaling N65.35 billion.
- At the share price of N5,700, the dividend yield stands at 1.95%.
- The final dividend translates to a payout ratio of 30.5%.
Performance summary for Q1 2025
In its recently published financial statement for the period ended March 31, 2025, Seplat Energy reported a 203.97% year-on-year increase in profit before tax, reaching N314.6 billion ($207 million).
- Retained earnings increased to N349.6 billion, a 9.62% rise from N319 billion.
Revenue grew by 356.97% year-on-year, reaching N1.2 trillion ($804 million), compared to N268.6 billion in Q1 2024.
The growth in Seplat’s performance was primarily driven by higher oil and gas production, along with the integration of SEPNU, the newly acquired company.
- Oil production (crude and condensates) more than tripled, rising by 224% to 9 million barrels, compared to 2.8 million barrels in Q1 2024.
- Gas production also increased by 50%, rising to 14.9 billion standard cubic feet, up from 10 billion the previous year.
- Additionally, the company produced 304,000 barrels of natural gas liquids (NGLs) during the quarter.
Overall, Seplat’s combined production of oil, gas, and NGLs increased by 164%, reaching 11.8 million barrels of oil equivalent, compared to 4.5 million barrels a year earlier.
