Seplat Energy Plc announced a staggering 461% increase in pre-tax profit for the half-year ending June 30, 2024, reaching N244 billion, up from N43.5 billion last year.
The company also declared a dividend of six U.S. cents per share and generated cash of N308.2 billion during this period.
The company’s production averaged 48,407 barrels of oil equivalent per day, slightly down from last year’s 50,805 boepd.
Operating profit soared to N285.2 billion, a significant rise from N60.2 billion in the same period last year. Seplat Energy also reported more than 4.9 million hours without a Lost Time Injury and improved average deferments.
Revenue for the half-year stood at $421.6 million, down from $547 million last year. The average oil price increased to $85.55 per barrel, while the average gas price rose to $2.95 per Mscf. CEO Roger Brown praised the company’s solid performance in the first half of 2024.