Seplat Energy Plc has announced the exchange rate for determining its third-quarter 2024 dividend payout for shareholders who opt to receive payments in naira. According to a corporate disclosure accessed by *The Whistler*, the applicable rate will be N1,681.42 per $1, based on the NAFEM closing rate as of November 11, 2024.
Additionally, Seplat highlighted the transformative impact of its acquisition of Mobil Nigeria’s assets, expected to enhance its operations significantly. In a recent statement, the company confirmed, “Seplat Energy today announces that the following exchange rate applies for the Q3 2024 interim dividend for shareholders receiving payments in Naira (NGN): 1 USD = 1,681.42 NGN.”
Seplat also reported robust financial performance for the first nine months of 2024, with a notable 20% increase in the core dividend, reaching 3.6 cents per share for Q3 2024 alone and totaling 9.6 cents per share year-to-date. Revenue for this period soared to N1.071 trillion, a significant jump from N478.1 billion year-over-year, while cash flow from operations rose from N213.8 billion to N633.8 billion year-over-year. The company’s operating profit climbed to N411.3 billion, up from N91.3 billion over the same period.
Chief Executive Officer Roger Brown praised the strong operational performance throughout 2024, emphasizing Seplat’s consistent production and improved drilling, as well as recent successes such as bringing two new fields, including Abiala, online and nearing the completion of the Sapele gas plant. While delays at the ANOH gas project have been challenging, Brown acknowledged the government’s commitment to resolving technical difficulties, projecting a revised start date for Q2 2025.
Brown noted that favorable commodity prices, steady operational uptime, and timely cash calls from its joint venture partner supported increased cash generation and improved the company’s financial standing. Consequently, Seplat raised its core quarterly dividend by 20%, a move that Brown attributes to the resilience of the underlying business. He clarified that the dividend boost does not yet account for Seplat’s growth projects, including the ANOH development and the Mobil Producing Nigeria Unlimited (MPNU) acquisition. With recent government approval for the MPNU acquisition, Brown anticipates a transformational phase for Seplat, underscoring the company’s commitment to completing the transaction soon.