Seplat Energy Plc Announces Exchange Rate for Q3 2024 Interim Dividend Payments

Seplat Energy Plc has confirmed that an exchange rate of ₦1,681.42 per USD will be applied to calculate the Naira equivalent of its third-quarter 2024 interim dividend for shareholders opting for payment in the local currency.

This announcement was disclosed in a filing published on the Nigerian Exchange Limited (NGX) on November 12, 2024.

The document, signed by the company’s Chief Financial Officer, Eleanor Adaralegbe, clarified that the exchange rate reflects the NAFEM closing rate as of November 11, 2024.

The statement read:

It further specified:

“The exchange rate for the Naira amounts payable is the NAFEM closing rate for November 11, 2024. Exchange Rate: 1 USD = ₦1,681.42.”

Background

On October 29, 2024, Seplat announced an interim dividend of 3.6 US cents per ordinary share of 50 kobo each, subject to applicable withholding tax. The company stated that the dividend will be payable to shareholders whose names appear on the Register of Members as of the close of business on November 12, 2024, with the register set to close on November 13, 2024.

Payments will be made in either Naira or US Dollars, depending on the shareholder’s preferences and eligibility. Shareholders holding shares on the Nigerian Exchange (NGX) without a valid Nigerian Certificate of Capital Importation (CCI) will receive their payments in Naira. Meanwhile, shareholders on the NGX with a valid CCI and those holding depository interests through the London Stock Exchange (LSE) will receive payments in US Dollars.

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The dividend announcement reflects Seplat’s robust financial results for the third quarter of 2024. Profit before tax (PBT) for Q3 2024 surged by 532.15% year-on-year (YoY) to ₦122.663 billion, bringing the nine-month PBT to ₦366.7 billion. Revenue in Q3 2024 soared by 148.18% YoY to ₦495.845 billion, compared to ₦199.7 billion in Q3 2023. For the first nine months of 2024, total revenue reached an impressive ₦1.071 trillion, marking a 124% YoY increase.

Seplat recorded an operating profit of ₦126.1 billion in Q3, representing a 305.54% YoY growth. Earnings per share (EPS) climbed by 31.21% YoY to ₦3.91.

Seplat’s strong financial performance underscores its ability to deliver shareholder value through consistent growth and dividend payouts.