Seplat Energy PLC has announced that its operating profit rose to N285.2bn in the first half of 2024. It also posted profit before tax (PBT) of N244 billion for the period under review.
According to the company’s statement yesterday, this is from N43.5 billion Year-on-Year with cash generated hitting N308.2 billion. These were contained in unaudited results for the six months ended June 30, 2024.
The company also declared US$.06 cents total dividend per share for the period. It added that the company’s production averaged 48,407 boepd (6M 2023: 50,805 boepd), at midpoint of guidance (44,000 boepd – 52,000 boepd).
Seplat Energy also advanced its operating profit to N285.2 billion from N60.2 billion Year-on-Year and achieved more than 4.9 million hours without Lost Time Injury (LTI) at Seplat Operated assets in 6M 2024.
The operational highlights, according to the statement include: production averaged 48,407 boepd (6M 2023: 50,805 boepd), at midpoint of guidance (44,000 boepd – 52,000 boepd); pipeline losses of 3.1 per cent in 6M 2024, highlights an improving environment for stable operations on the Niger Delta and average deferments also improved to 24 per cent (6M 2023: 26%).
Commenting on the results, Chief Executive Officer, Seplat Energy, Mr. Roger Brown, said: “Seplat Energy delivered a solid performance in the first half of 2024.
Continued operational strength positions us well for the second half of the year, which is set to be an active one for the company.
Reported cash generation was softened by the underlift in the period, but this is largely a timing effect and our cash generation and balance sheet remain strong.
