Seplat Energy grows PBT to N244bn in H1 2024

Seplat Energy PLC, a leading Nigerian independent energy company has released its six months financial result for the period ended June 30, 2024, posting profit of N244 billion.                                                                 

The amount represents a surge of N180.5 billion or 414.94 per cent from N43.9 billion year on year with cash generated hitting N308.2 billion. The company listed on both the Nigerian Exchange and the London Stock Exchange in its unaudited financial result declared US 6 Cents total dividend per share for the period

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 first gas in 3Q 2024. We thank our government partners for their efforts towards completion of critical pipeline infrastructure in recent weeks. In 2H 2024 we also look forward to 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 to higher production at Ohaji once stable operations on the Trans Niger Pipeline are achieved. Combined with growth in our gas business, and we are looking forward to a strong second half with momentum to carry into 2025.

“During the quarter a number of important steps were made that support completion of our proposed acquisition of MPNU. We are confident and committed to its completion and continue to work with regulators, government, and other parties to ensure its successful completion.”