Seplat Energy’s profit grows to N561.4bn in 2024   

…Declares $16.5 Cents total dividend per share

Seplat Energy PLC, leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its audited financial results for the twelve months ended 31 December 2024, posting profit before tax of N561.4 billion. The amount represents an increase of 347 per cent year on year compared with N125.5 billion reported in the previous year. The growth was with a strong operational and strategic progress in 2024 culminating with the transformational acquisition of Mobil Producing Nigeria Unlimited (MPNU) – renamed Seplat Energy Producing Nigeria Unlimited (SEPNU). 

For 2024, the confidence in Seplat Energy’s business outlook was underpinned by special dividend, which lifted total 2024 dividend to $16.5 Cents per share, up by 10 per cent compared to 2023.

Seplat Energy grew its revenue for the period to N1.652 trillion from N696.9 billion Year-on-Year with cash generated from its operations rising to N567.5 billion from N340.6 billion Year-on-Year).

Production (onshore assets) averaged 48,618 barrels of oil equivalent per day (boepd) up 2 per cent from 2023 (47,758 boepd), and within guidance. Including 19 days of SEPNU production (annualised average contribution of 4,329 kboepd), reported production reached 52,947 boepd, 11 per cent higher than 2023.

The Company’s operating profit also rose to N647.9 billion from N163.7 billion Year-on-Year whilst profit before tax surged to N561.4 billion from N125.5 billion Year-on-Year.

In the same vein, gross profit for the Company hit N710.1 billion from N349.3 billion Year-on-Year, as the company achieved more than 11.0 million hours (2023: 8.7 million hours) without Lost Time Injury (LTI) on Seplat-operated assets in 2024.

Seplat Chief Executive Officer, Roger Brown, said: “2024 was truly a defining year for Seplat Energy. In addition to delivering key growth projects in our existing onshore business, we closed out 2024 by completing the acquisition of SEPNU, the largest in the Company’s history, which adds significant scale and attractive low-cost growth potential. In the first few months since the acquisition, it has already become clear that there is significant prize in the offshore shallow water, operating a closed loop system from well-head production to hydrocarbon sales at the terminal.

“This year we will focus on re-opening previously shut-in wells in SEPNU, alongside another full drilling campaign for our onshore assets and we look forward to delivering first gas at ANOH. We will also accelerate the subsurface work and contracting needed to commence an infill drilling campaign at SEPNU. 

“Our confidence in the future trajectory for the enlarged business, combined with our strong financial position, means that we are delighted to declare a special dividend again for 2024, lifting the total dividend for 2024 to $16.5 cents per share, an uplift of 10 per cent from 2023

“The Seplat Energy team is rightly proud of its achievements in 2024, and we fully intend to continue our mission to create significant shared value and enhance prosperity for all our stakeholders in Nigeria and beyond.”