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Seplat Energy Announces N413.64/$1 Exchange Rate on Interim Dividend


Seplat Energy Plc yesterday on the Nigerian Exchange Limited (NGX) announced N413.64 against the Dollar on its third quarter ended September 30, 2021 interim dividend payout to shareholders.

The Nigerian’s independent oil and Gas Company also announced 0.7468 pound sterling against one dollar for investors on the London Stock Exchange.

The company noted that currency exchange rates will be applicable in determining the interim dividend for Q3 2021 to any shareholder that qualifies for and has elected to receive interim dividend payment in Naira or sterling.

Chief Financial Officer, Seplat Energy, Mr. Emeka Onwuka in a signed statement said: “The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 12th November 2021.

The closing date for dividend currency election to the Company’s Registrars is 30th November 2021. In the absence of a qualifying dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency.”

Seplat Energy had reported profit before tax of $97.4 million in nine months ended September 30, 2021 from $130.1 million loss before tax reported in nine months ended September 30, 2020.

The net profit for period was $35.0 million from $96.3 million net loss reported in prior period under review.

The resultant basic EPS was $0.11 in nine months of 2021, compared to $0.10 basic loss per share in nine months of 2020.

The CEO, Seplat Energy,Mr. Roger Brown in a statement said: “Our business model is robust, despite setbacks in the third quarter, thanks to the prudent and flexible approach we have taken to managing the business.

“With an increased focus on efficiency in our operations, improving uptime by opening up the Amukpe to Escravos Pipeline and driving further cost reduction across our portfolio, this will provide the bedrock allowing us to operate effectively in fluctuating commodity prices and generate returns for shareholders. I am optimistic that the coming year will be much stronger, with many of the problems of the past put behind us.

“After we set out our future strategy in July’s Capital Markets Day and launched our new corporate name of Seplat Energy plc, complete with its new branding, we are now focusing on building out and executing the energy transition that is right for Nigeria.

“A strong step forward will be when we bring on stream the ANOH project next year delivering more transition gas to an energy poor market, over reliant on expensive, high carbon-emitting electricity generated from small-scale diesel and PMS generators. Our three-pillar strategy is designed to ensure we balance carbon emission reduction with the essential social agenda for undeniably the most under-electrified, youngest and fastest growing population on earth.

However, the stock price of the company traded flat at N731.50 per share.

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