Seplat posts N13.58bn quarterly profit, declares dividend

Seplat Energy Plc has posted a profit before tax of N13.58 billion for the second quarter of the 2021 financial year, compared with a loss before tax of N18.73 billion in the same period of 2020.

The independent energy company reported a profit after tax of N4.67 billion in the three months ended June 30, 2021, compared to a loss after tax of N3.16 billion in Q2 2020.

Its revenue increased to N62.51 billion from N37.69, according to its unaudited financial statements obtained from the Nigerian Exchange Limited.

The Chief Executive Officer, Roger Brown, said, “Seplat continues to deliver a robust performance despite the ongoing pandemic. Our second-quarter volumes were significantly higher than the first three months and we remain confident of a good outcome to the year as we drive improvements across our operations.

“The strength of our balance sheet was demonstrated in March when we were able to refinance at considerably lower cost through the issue of $650 million senior notes. We have since committed to quarterly dividend payments providing more frequent returns to shareholders.”

He said for the second quarter, the company had declared a dividend of $2.5 cents per share.