Home Business Seplat 2021 H1 earnings grow by 142.7%

Seplat 2021 H1 earnings grow by 142.7%

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Seplat Energy Plc recorded an impressive half year (H1) 2021 scorecard with profit before deferred tax (PBT) of $62.1million, representing an increase of 142.7percent as against H1’20. Highlights of the company’s financial further show that revenue went up 32percent to $308.8 million in H1’21, from $233.5million in H1’20; earnings before interest, taxes, depreciation, and amortization (EBITDA) of $178.9 million; cash generated from operations ($125.8 million); cash at bank ($298.8 million) and net debt of $456.4 million.

In the half year (H1) period, Seplat pronounced an interim dividend at a rate of US2.5 cents (United States Two and Half Cents) per Ordinary Share, subject to appropriate withholding tax (WHT), to be paid to Seplat Energy’s shareholders whose names appear in the Register of Members as at the close of business on August 12, 2021.

Both the Nigerian Exchange (NGX) Limited and London Stock Exchange hosted Seplat Energy Plc on Thursday July 29 to commemorate Seplat’s first dual Capital Markets Day . The event marked an important milestone for Seplat marking its name change from Seplat Petroleum Development Company Plc to Seplat Energy Plc.

While the company’s total rebranding is underway, the leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange announced its unaudited results for the half year (H1) ended June 30, 2021.  

The operational highlights show: working-interest oil and gas production within guidance at 50,786 barrels of oil equivalent per day (boepd); liquids production of 30,028 barrels of oil per day (bopd) in H1 2021, gas production up 21percent to 120 million standard cubic feet per day (MMscfd); Oben-50 and 51 gas wells completed in the period and producing; safety record extended to more than 20.5 million man hours without LTI on Seplat-operated western assets; while first liftings from Amukpe-Escravos Pipeline expected fourth-quarter (Q4) 2021.

Seplat successful issue of $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); Refinanced $100 million Westport RBL facility; raised a $50 million offtake linked to the RBL in July; and total capital expenditure of $57.5 million. 

To enable Seplat’s Registrar, Datamax Registrars Limited, prepare for the payment of the interim dividend, the Register of Shareholders will be closed on August 13, 2021. The Qualification Date is at the Close of Business on August 12, 2021. Note that on the London Stock Exchange: The Associated Record Date will be August 12, 2021 and the Ex-Dividend date will be August 11, 2021.

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