Seplat Energy Plc has released its unaudited result for the three months ended March 31, 2022, recording profit before tax of N34.7 billion. The result of the company listed on both the Nigerian Exchange and London Stock recorded an increase of 197.8 per cent in profit compared with N10.6 billion recorded the same period of 2021. The company also generated cash from its operations to the tune of N74.4 billion from N1.7 billion year-on-year, rising by 197.8 per cent.
The energy Company’s also grew its revenue by 58.6 per cent to N100.6 billion from N57.9 billion year-on-year; as its gross profit soars to N48.8 billion from N20.1 billion year-on-year(yoy) rising by 122.3 per cent.
In its operations, Seplat Energy demonstrated a strong safety record, which extended to 26.1 million hours without LTI from operated assets 2.0 million hours in 2022. The company revenue up by 58.6 per cent to $241.8 million . The EBITDA up 81.6 per cent to $147.4 million . The company recorded strong cash generation of $178.7 million, capex of $25.7 million while balance sheet went to $312.2 million cash at bank, net debt of $442.6 million . The company planned to pay interim dividend of US2.5 cents per share in the first quarter of this year Commenting on the results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy Plc, said:
“Seplat Energy delivered a good quarter that benefited from higher oil pricing, which offset lower production owing to continuing problems with the Trans Forcados Pipeline. However, the alternative Amukpe-Escravos Pipeline is mechanically complete and once we have signed the commercial agreements, we expect Chevron to be lifting our oil through the Escravos Terminal in the third quarter.