Nigerian independent energy Company Seplat Energy Plc. (SEPL.L) Tuesday announced 98.4 percent surge in full year pre-tax profit, compared to the prior year. Revenues increased 5.2 percent year-over-year.
The company declared a special dividend, and the total dividend is up 10 percent from the prior year.
Pre-tax profit came in at $379.4 million, up from $191.2 million a year ago.
Revenue for the period was $1.116.2 billion, up from $1.061 billion in the prior year.
EBITDA for full year increased 20.3 percent to $539.0, from $448.2 million last year.
Underlying adjusted revenue was stable at $961 million, compared to $962 million in the comparable period.
The company said its Production from the onshore assets averaged 48,618 boepd, up 2 percent from year ago production of 47,758 boepd.
The results include the acquisition of Mobil Producing Nigeria Unlimited renamed as Seplat Energy Producing Nigeria Unlimited or SEPNU. Including 19 days of SEPNU production reported production reached 52,947 boepd, up 11 percent from the prior year.
The company declared fourth quarter dividend of $ 3.6 cents per share, and the total core dividend declared was 13.2 cents per share.
Looking ahead to the 2025, the company projects average production guidance of 120-140 kboepd, that includes production from SEPNU of 72-84 kboepd.
Unit operating costs for the group is projected to be $14.0-15.0/boe.
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