Seplat Energy Plc has announced a revenue of N1.652 trillion for the fiscal year 2024, marking a significant rise from N696.9 billion in the previous year.
The company also declared a total dividend of US 16.5 cents per share, representing a 10% increase compared to 2023.
The financial performance, according to the company on Tuesday, was driven by operational progress and the transformational acquisition of Mobil Producing Nigeria Unlimited, now renamed Seplat Energy Producing Nigeria Unlimited.
Speaking on the 2024 financial performance, the Chief Executive Officer of Seplat Energy, 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.
The company’s operating profit also witnessed a substantial rise, reaching N647.9 billion from N163.7 billion in 2023. Profit before tax surged to N561.4 billion, up from N125.5 billion year-on-year. Gross profit hit N710.1 billion, a significant jump from N349.3 billion.
Operational highlights included an average production of 48,618 barrels of oil equivalent per day (boepd) from onshore assets, a 2% increase from 2023. Including 19 days of SEPNU production, the reported production reached 52,947 boepd, 11% higher than in 2023.
In the first few months since the acquisition, it has already become clear that there is a significant prize in the offshore shallow water, operating a closed loop system from well-head production to hydrocarbon sales at the terminal,” Brown stated.
Seplat Energy also reported significant growth in its reserves, with independently audited 2P reserves up 85% to 886 MMboe. The company achieved more than 11.0 million hours without lost time injury on Seplat-operated assets in 2024, demonstrating its commitment to safety.
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,” Brown added.
Looking ahead, Seplat Energy has provided a 2025 average production guidance of 120-140 kboepd and an initial capital expenditure guidance of $260-320 million.
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 per share, an uplift of 10% from 2023,” Brown concluded.
