Seplat Energy Plc has confirmed that $/1,609.6357 naira is the exchange rate applicable in determining both the final and special dividend for 2024 to shareholders that will receive the dividend payment in Naira.
The exchange rate for the Naira amounts payable is the CBN NFEM rate for May 8, 2025, Seplat said in its May 9 notice at the Nigerian Exchange Limited (NGX) signed by Eleanor Adaralegbe, Chief Financial Officer, Seplat Energy Plc. At N5,700 per share which the company traded on Friday May nears its 52-week high of N5,738.2 as against a 52-week low or N2,962.2.
The leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London Stock Exchange (LSE) had on March 4 announced a final dividend at a rate of US3.6 cents and a special dividend of US3.3 cents per ordinary share (subject to appropriate WHT) to be paid to Seplat Energy’s shareholders whose names appear in the Register of Members as at the close of business on May 9, 2025.
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On or around May 23, 2025, the dividends will be paid electronically to shareholders whose names appear on the Register of Members as of May 9, 2025, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.
To enable Seplat Energy’s Registrar, Datamax Registrars Limited (DataMax), prepare for the payment of the dividends, the register of shareholders will be closed on May 12, 2025.
“The dividend will be paid in Naira and US Dollars only. The default currency for the dividend will depend as follows: shareholders holding their shares on the Nigerian Exchange Limited without a valid Nigerian Certificate for Capital Importation (CCI) will be paid their dividend in Naira as the default currency; shareholders holding their shares on the Nigerian Exchange Limited with a valid CCI will be paid their dividend in US dollars as the default currency. Evidence of the CCI must be provided to Datamax.
“However, those shareholders may instead elect to receive their entire dividend payment in Naira (partial elections are not permissible); and shareholders holding their shares through depository interests on the London Stock Exchange will be paid their dividend in US dollars as the default currency,” the company said in its March 4 corporate announcement.
Seplat Energy’s audited results for the year ended December 31, 2024 show revenue of $1.116 billion up 5.2 percent (FY 2023: $1.061 billion), including 19 days contribution from Seplat Energy Producing Nigeria Unlimited (SEPNU). The company noted that its underlying adjusted revenue was stable at $961 million (FY 2023: $962 million).
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In naira terms, Seplat revenue rose to N1.651trillion from N696.9billion in 2023. Its gross profit of $479.9million in 2024 represents 9.8 percent decline when compared with $532million in 2023. In naira terms, the energy company’s gross profit rose to N710.1billion from N349.3billion in 2023. Profit before tax (PBT) increased to $379.4million from $191.2million in 2023, up 98.4 percent. In naira terms, its PBT rose to N561.4billion from N125.5billion in 2023.
Seplat Onshore unit production operating expense (opex) was $12.3/boe (2023: $10.4/boe). Cash generated from operations of $384 million, down 26percent on 2023, impacted by; timing of liftings, one-off costs predominately associated with SEPNU acquisition and working capital acquired on consolidation of SEPNU.
It also reported cash capex of $208 million in 2024 (FY 2023: 184 million). Balance sheet remains robust, year-end cash at bank $469.9 million (2023: $450.1 million), excluding $132.2 million restricted cash. Net debt at year end 2024 was $898 million (YE 2023: $306 million).
