Seplat Energy Announces Naira Rate For Q3 Dividend

Seplat Energy Plc has disclosed that a rate of NGN 1,681.42 to 1United States dollar (USD) will be applied to determine the naira equivalent of its third-quarter (Q3) 2024 interim dividend for shareholders opting to receive pay-outs in local currency.
This was announced recently via the Nigerian Exchange Limited (NGX), specifies the rate’s basis as the Nigerian Autonomous Foreign Exchange Market (NAFEM) closing rate from November 11, 2024.
In the statement, signed by Seplat’s Chief Financial Officer (CFO), Mrs. Eleanor Adaralegbe, the company confirmed: “Seplat Energy PLC (‘Seplat’ or the ‘Company’), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London Stock Exchange, today confirms that the below currency exchange rate is applicable in determining Q3 2024 interim dividend to shareholders that will receive the dividend payment in naira (NGN).”
The interim dividend of 3.6 US cents per ordinary share, as announced on October 29, 2024, is subject to applicable withholding tax and will be payable to shareholders recorded on the Register of Members as of November 12, 2024, with the register closure set for November 13, 2024. Payments are scheduled in either naira or US dollars, depending on the shareholder’s eligibility. Shareholders on the NGX without a valid Nigerian Certificate of Capital Importation (CCI) will receive pay-outs in naira. Eligible shareholders on the NGX with a valid CCI and those holding depository interests through the London Stock Exchange (LSE) will receive dividends in US dollars.
Seplat’s dividend announcement reflects its robust financial results for Q3 2024. The company reported a substantial 532.15 percent year-on-year (YoY) increase in profit before tax (PBT) to NGN 122.663 billion, bringing its cumulative nine-month PBT to NGN 366.7 billion.
Revenue surged by 148.18 percent YoY, reaching NGN 495.845 billion for Q3 2024, compared to NGN 199.7 billion in the same period last year. Over the first nine months of 2024, total revenue crossed the trillion-naira mark at NGN 1.071 trillion, marking a 124 percent YoY growth. Seplat also recorded a Q3 operating profit of NGN 126.1 billion, representing a 305.54 percent increase YoY, with earnings per share up by 31.21 percent to NGN 3.91.
Seplat’s impressive growth highlights its position as a leading force in Nigeria’s energy sector, delivering value to shareholders through strong financial performance and consistent dividends.