Seplat Energy Plc, the Nigerian indigenous energy company, has announced its unaudited results for the first quarter of 2023.
The company reported a revenue growth of 36.9%, with revenue increasing from $241.8m in Q1 2022 to $331m in Q1 2023.
Seplat Energy Plc’s core annual dividend target has been raised by 20% to US 12 cents, with quarterly dividends of three cents.
The company’s financial performance showed a gross profit surge of 69% to $198.3m, compared to $117.3m in the same period last year.
Seplat Energy Plc’s Chairman, Basil Omiyi, praised the management and staff of the company for their excellent performance, stating that “production volumes are up, unit production cost is down, and strong cash generation is enabling the Board to increase our annual core dividend target.”
Omiyi also noted that the company is confident of a successful outcome in its proposed acquisition of MPNU.
Despite recent controversies, including allegations of racism levelled against its CEO, Seplat Energy Plc remains extremely professionally managed, according to communications specialist Edgar Oche. The company has denied all claims made against it and its officers.
Seplat Energy Plc’s strong financial performance in Q1 2023 is seen as a positive development, and the company is poised to become Nigeria’s leading energy supplier. The benefits of the AEP are already being felt, with significant amounts of oil being exported. The ANOH gas plant is also progressing well, with Q4 2023 set as the target for first gas.
Seplat Energy Plc’s first quarter results have been welcomed by investors, who are pleased to see the company continuing to deliver strong financial performance.
With a solid forward plan in place, the company is well-positioned to achieve its ambition of creating a sustainable business that maximises returns for all stakeholders, while driving social and economic benefits for all Nigerians.