Table of Contents
Key Points
- Nigerian energy firm Seplat Energy Plc announces a $17.6-million interim dividend payouts, rewarding shareholders amidst economic challenges.
- Total dividend for H1 2024 jumps to $34.28 million, reflecting strong profitability and commitment to shareholder returns.
- Seplat’s consistent growth and ability to deliver dividends highlight its financial strength and strategic leadership in the Nigerian energy sector.
Seplat Energy Plc, the energy conglomerate co-founded and partly owned by Nigerian energy tycoon Austin Avuru, has announced an interim dividend payout of $17.61 million, reflecting its commitment to delivering value to its shareholders amidst a challenging economic landscape.
The declared dividend of $0.03 per share will be paid to local investors, with the conversion based on the Nigerian Autonomous Foreign Exchange Market (NAFEM) closing rate of N1,570.99/$ as of Aug. 12, 2024.
Seplat ups dividends, stays profitable
Seplat Energy’s total dividend payout for the first half of 2024 now stands at $34.28 million, marking a significant increase from previous distributions. This sharp rise highlights the company’s robust profitability and strategic focus on maximizing shareholder returns, even as the global energy market remains volatile.
The firm’s interim dividend announcement comes on the heels of a slight 4.7-percent decline in average daily production. Despite this dip, Seplat’s disciplined financial management and strategic initiatives have enabled it to maintain strong returns for its shareholders. The company reported a net profit of $42.89 million for the first half of 2024, with a dividend payout ratio surging to 80 percent, up from 51.4 percent in the corresponding period of the previous year.
Seplat’s growth and resilience shines through
Founded by Austin Avuru and Ambrosie Orjiako, Seplat Energy has grown to become Nigeria’s largest listed energy group on the Nigerian Exchange (NGX), leveraging its strong foothold in the Niger Delta’s oil and gas sector. The company has consistently been a leading performer on the exchange, driven by its ability to balance operational challenges with strategic growth initiatives.
The interim dividend declaration is particularly significant given the broader economic challenges facing the oil and gas industry, including fluctuating production levels and a dynamic foreign exchange market. Seplat’s ability to sustain high dividend payouts in such an environment reflects its financial health and long-term strategic vision.
