From Left: Dr. Chioma Nwachuku, Director, External Affairs and Sustainability, Seplat Energy Plc; Mr. Effiong Okon, Operations Director; Mr. Emeka Onwuka, Chief Financial Officer; Dr. ABC Orjiako, Board Chairman; and Mr. Roger Brown, Chief Executive Officer.
Seplat significantly grows half year earnings, profit
Sopuruchi Onwuka
Seplat Energy Plc weekend declared profit before deferred tax (PBT) of $62.1 million for the half year of 2021 scorecard with, posting an increase of 142.7 percent over its performance in 2020.
Director of Communications, Dr Chioma Nwachuku, stated in a release that the company’s financial performances further show 32 percent increase to $308.8 million from $233.5 million in the same period in 2020.
She put earnings before interest, taxes, depreciation, and amortization (EBITDA) at $178.9 million; cash generated from operations at $125.8 million; cash at bank at $298.8 million and net debt at $456.4 million.
For the period, shareholders of the company whose names appear in the Register of Members as at the close of business on August 12, 2021 are entitled to interim dividend of 2.5 cents per ordinary share, subject to appropriate withholding tax.
Seplat said the exchange rate for the Naira or Pounds Sterling amounts payable to shareholders would be determined by reference to the relevant exchange rates applicable to the US dollar on August 11and would be communicated by the Company on August 12.
It added that by September 2021, interim dividend would be paid electronically to shareholders whose names appear on the Register of Members as at August 12, 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their interim dividend directly into their bank accounts.
The company stated that its shareholders on the Nigerian Exchange Limited without a valid Nigerian Certificate for Capital Importation (CCI) would be paid their dividend in Naira as the default currency; while those with valid CCI would be paid their dividend in US dollars as the default currency.
Dr Nwachuku stated that Seplat successfully issued $650 million 7.75% senior notes to redeem existing $350 million 9.25% senior notes and repay $250 million drawn on $350 million Revolving Credit Facility (RCF).
She added that the company also refinanced $100 million Westport RBL facility; raised a $50 million offtake linked to the RBL in July; and incurred total capital expenditure of $57.5 million.
