Seplat Energy reports N561.4 billion pre-tax profit, declares final and special dividends 

This represents a 347.21% increase from the N125.5 billion reported in the previous year, amid growth in the company’s overall revenue.

For FY 2024, Seplat’s total revenue reached N1.6 trillion, a significant rise from N696.8 billion the prior year, with crude oil sales constituting 88% of this revenue and gas sales following as the next largest contributor.

Additionally, Seplat Energy has declared a final dividend of US 3.6 cents per ordinary share and a special dividend of US 3.3 cents for the period ended 31 December 2024, both subject to withholding tax, for registered shareholders.

The company stated that the final dividend will be paid to shareholders listed in the Register of Members as of the close of business on May 9, 2025.

Elaborating on the qualification date, the company stated: “The qualification date is the close of business on May 9, 2025. Additionally, on the London Stock Exchange, the Associated Record Date will also be May 9, 2025, while the Ex-Dividend date is set for May 8, 2025.’’

Seplat Energy reported a full-year revenue of N1.6 trillion for FY 2024, up from N696.8 billion in 2023.

However, the cost of sales increased significantly by 170.90%, reaching N941.4 billion, compared to N347.5 billion in the prior year.

Despite the higher costs, gross profit rose by 103.27% to N710 billion, up from N349.3 billion in FY 2023.

On the downside, general and administrative expenses spiked to N217.8 billion, marking a 131.05% increase from N94.2 billion in 2023, primarily due to rising employee benefits and consulting fees.

In summary, Seplat reported a pre-tax profit of N561.4 billion for FY 2024, marking a 347.21% increase from N125.5 billion in FY 2023. The company’s post-tax profit also rose by 163.43% year-over-year to N214.2 billion.

In 2024, Seplat’s total assets reached N9.8 trillion, a significant increase from the N3 trillion reported in 2023.

The company’s non-current assets totaled N6.9 trillion, primarily driven by oil and gas properties, which accounted for N5 trillion of this total.

Concurrently, total current assets rose to N2.8 trillion, a notable increase from N861.9 billion in the previous year.