BY CHIKA IZUORA and OLUSHOLA BELLO, Lagos
Seplat Vitality Plc, in its unaudited outcomes for the three months ended March 31, 2022, recorded an increase in revenue earlier than tax by 197.8 per cent to N34.7 billion from N10.6 billion year-on-year.
The board really useful an interim dividend of US2.5 cents per share within the interval beneath assessment.
The corporate, in its outcomes for the primary quarter (Q1) launched on the Nigerian Change (NGX), additionally generated money from its operations to the tune of N74.4 billion from N1.7 billion year-on-year, rising by 197.8 per cent.
The vitality firm additionally grew its income by 58.6 per cent to N100.6 billion from N57.9 billion year-on-year; as its gross revenue soars to N48.8 billion from N20.1 billion year-on-year, rising by 122.3 per cent.
In its operations, Seplat Vitality demonstrated a robust security document, which prolonged to 26.1 million hours with out LTI from operated property (2.0 million hours in Q1 2022).
In the meantime, the corporate’s stability sheet stood at $312.2 million money at financial institution, web debt of $442.6 million.
Talking on the outcomes, the chief govt officer, Seplat Vitality, Mr. Roger Brown stated: “Seplat Vitality delivered quarter that benefited from greater oil pricing, which offset decrease manufacturing owing to persevering with issues with the Trans Forcados Pipeline. Nonetheless, the choice Amukpe-Escravos Pipeline is mechanically full and as soon as now we have signed the business agreements, we count on Chevron to be lifting our oil by way of the Escravos Terminal within the third quarter.”
He famous that, “our proposed acquisition of MPNU stays on the right track. We’re awaiting the required approvals from authorities and regulators and count on the transaction to finish within the second half of this yr.
“The acquisition will reinforce our management of Nigeria’s indigenous vitality sector and enabling us to generate robust future money flows that may underpin our funding in Nigeria’s vitality transition and enhance our total stakeholder returns.
“It’s going to additionally convey a big undeveloped gasoline useful resource base which, alongside our ANOH gasoline challenge improvement, will underpin Nigeria’s vitality transition and drive home and export revenues when developed.”
“We’ve confirmed now we have the monetary energy and credibility to draw worldwide finance into Nigeria’s vitality sector and this may assist us in our goal to ship vitality transition and supply cleaner, extra dependable and extra inexpensive vitality for Nigeria’s younger and rising inhabitants,” he identified.