Seplat Energy Plc, an indigenous energy firm, increased its first-quarter revenue from $241.8 million in 2022 to $331 million in 2023, a 36.9% increase.
This information was provided in its unaudited results for the three months ending March 31, 2023, which were submitted on Thursday to the Nigerian Exchange Limited.
Additionally, the company’s primary annual dividend aim was increased by 20% to US 12 cents with a quarterly payout of 3 cents.
In its statement to the Nigerian Exchange Limited and London stock exchange, Seplat’s Chairman, Basil Omiyi, said, “Seplat Energy’s management and staff have once again delivered excellent performance, with production volumes up, unit production cost down and strong cash generation enabling the Board to increase our annual core dividend target from US 10 cents to US 12 cents per share, paid in equal quarterly dividends. As a result, we have declared a Q1 2023 dividend of US 3 cents per share.
In a statement on Thursday, a communications specialist, Edgar Oche, noted, “It is clear the company remains extremely professionally managed, despite recent complaints from a handful of malcontents in the shareholder register, who between them own less than 700 shares in the company out of almost 600 million shares in issue.”
Seplat has been in the news recently over allegations of racism levelled against its Chief Executive Officer, Roger Brown. On Tuesday, it was revealed that an Independent Non-Executive Director of the Seplat Board, Professor Fabian Ajogwu, had announced his resignation, “citing recent events and deliberate external interferences which have prevented him from effectively discharging his fiduciary and statutory duties as an Independent Non-Executive Director to the highest standards of corporate governance he has written and subscribed to.”
Story adapted from Punch