Seplat Energy Plc said it has released the applicable exchange rate used in determining its third quarter 2024 dividend payout to qualified shareholders who wish to receive their dividends in naira.
A corporate disclosure by the company, seen by NewsNGR, said the exchange rate would be N1,681.42 per $1.
According to the statement, the exchange rate for the Naira amounts payable is the NAFEM closing rate for November 11, 2024.
The company also described its acquisition of the Assets of Mobil Nigeria as transformational and would impact its operations positively.
The statement reads, “Seplat Energy today confirms that the below currency exchange rate is applicable in determining the Q3 2024 interim dividend to shareholders that will receive the dividend payment in Naira (NGN).
“The exchange rate for the Naira amounts payable is the NAFEM closing rate for November 11, 2024. Exchange Rate 1 USD = 1,681.42 NGN”
Seplat Energy recently announced its unaudited results for the nine months ended 30 September 2024, with a strong underlying business performance which supports an increase to core dividend by 20 per cent to US3.6 Cents per share in 3Q 2024 alone.
The total core dividend declared to date in 2024 is 9.6 cents per share.
The results showed that the indigenous energy company grew its revenue for the period to N1.071tn from N478.1bn Year-on-Year with cash generated from its operations rising to N633.8bn from N213.8bn Year-on-Year).
Seplat Energy’s operating profit also rose to N411.3bn from N91.3bn year-on-year.
Commenting on the results, Chief Executive Officer, of Seplat Energy, Mr Roger Brown said the first nine months of 2024 have seen Seplat Energy deliver a strong operational performance.
He said, “Production has been consistent, drilling has improved and our main maintenance activities have been executed successfully. We have brought two new fields on stream, most recently Abiala, and are approaching completion of the Sapele gas plant.
“Further delays to the start-up at ANOH are frustrating, but we have been pleased to see the commitment of our government partner in tackling the technically challenging river crossing. Based on the latest estimates received, and maintaining a cautious stance on any risk of further delays, we update our guidance for first gas to Q2 2025.
“Commodity prices remained supportive, combined with operational uptime and timely cash calls from our joint venture partner, helped cash generation improve year over year, enhancing our balance sheet position. As a result, we are pleased to announce a 20 per cent increase in the core quarterly dividend and note that this is reflective of the strength of the underlying business.
“The increase does not factor in the organic (ANOH) and inorganic (MPNU) growth opportunities that the company is currently pursuing. We were delighted in recent days to receive Ministerial consent for the acquisition of MPNU. The transaction will be transformational for Seplat Energy, and every effort is now on completing the transaction.”