Seplat Energy Shareholders Approve US15 Cents Dividends For 2023

Shareholders of Seplat Energy Plc, have approved the payment of a total dividend of US15 cents recommended by the Board for the year ended December 31, 2023.

The dividend comprises a special dividend of US3 cents per share for the 2023 business year aside the core dividend of US12 cent per share.

The shareholders gave their approval at the Company 11th Annual General Meeting (AGM) held yesterday in Lagos.

Speaking to shareholders, chairman of the Board, Seplat Energy, Udoma Udoma, highlighted Seplat Energy’s robust financial results, including an 11.5 percent increase in total revenue to $1,061.3 million, crossing the $1.0 billion mark for the first time.

Udoma said, “we delivered a strong set of results in 2023, against a weaker oil price environment. Despite the 17.0 per cent decline in average price of Brent crude, we grew our oil and gas revenue by 11.5 per cent to $1,061.3 million, crossing the $1.0 billion mark for the first time, supported by improved production and asset availability. We also made significant progress on several of our growth projects, showing a willingness to not just deliver value today but to plan for tomorrow.”

The CEO of Seplat Energy, Roger Brown, reiterated the Company’s commitment to sustainability and energy transition, outlining Seplat Energy’s initiatives to increase its contribution to Nigeria’s power sector by providing lower carbon and renewable energy solutions.

He said, “as Nigeria’s leading indigenous energy company, we recognise our duty to minimise the impact of our operations on the environment. We aim to create increasingly sustainable energy solutions to provide access and meet increasing energy demand, while addressing the critical challenge of climate change for society and our business. We are positioned for decarbonisation through several strategic initiatives and continue in our role in leading Nigeria’s domestic gas supply, which accounts for about 25 per cent of the country’s gas-to-power supply.”

The CFO-designate, Seplat Energy, Mrs. Eleanor Adaralegbe stated that the Board recommended a total dividend of US15 cents per share to be paid to shareholders for the 2023 business year, with a special dividend of US3 cents per share, aside from the core dividend of US12 cents per share, up 20 per cent in 2022.

According to her, this payment of the special dividend reflects the Board’s continued confidence in the future of the business and is underpinned by a strong balance sheet, crystallising Seplat’s commitment to delivering value to its investors.

Also, the COO of Seplat Energy, Mr. Samson Ezugworie stated that, “till date, the company has achieved a cumulative 10.6-million-man hours since last LTI recorded on the 13th of October 2022.  Safety remains our top priority.

“In addition to these, the company is on a path to achieving ISO 45001 and 14001 standards certifications, demonstrating its commitment to top-tier safety and environmental performance. These certifications are globally acknowledged benchmarks for occupational health and safety management systems and environmental management systems, respectively.”

Meanwhile, shareholders expressed their appreciation over Seplat Energy performance and dividend payout amidst challenging market conditions.