Seplat Energy PLC, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its unaudited results for the six months ended June 30, 2024, declaring a US 6 cents total dividend per share for the period.

The foremost energy company grew its profit before tax (PBT) to N244 billion from N43.5 billion year-on-year, with cash generated hitting N308.2 billion.

The result showed that the revenue of the energy company during the period under review declined to $421.6 million from $547.0 million in H1 2023.

In the same vein, Seplat Energy increased its operating profit to N285.2bn from N60.2bn year-on-year.

Commenting on the results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy, said: “Seplat Energy delivered a solid performance in the first half of 2024.

Continued operational strength positions us well for the second half of the year, which is set to be an active one for the company. Reported cash generation was softened by the underlift in the period, but this is largely a timing effect, and our cash generation and balance sheet remain strong.

“In May, we were honoured to receive President Tinubu for the commissioning of the ANOH gas plant and associated pipelines, and the project remains on track for the first gas in 3Q 2024.

“We thank our government partners for their efforts towards the completion of critical pipeline infrastructure in recent weeks. In 2H 2024, we also look forward to the first gas on the Sapele gas plant, which, alongside debottlenecking activities at Oben, should further enhance gas production. We are well on our way to increasing gas production in support of Nigeria’s ‘Decade of Gas’.

“In our oil business, early results from Sibiri have been modestly ahead of expectations. As well, having completed the first of two planned wells, production at Abiala should commence in the coming weeks. Finally, we look forward to higher production at Ohaji once stable operations on the Trans-Niger Pipeline are achieved.

“Combined with growth in our gas business, we are looking forward to a strong second half with momentum to carry into 2025.

“During the quarter, a number of important steps were taken that supported the completion of our proposed acquisition of MPNU.

“We are confident and committed to its completion and will continue to work with regulators, the government, and other parties to ensure its successful completion.”

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