Seplat Energy Plc has published its financial report for the fiscal year ended 31 December 2024, revealing a pre-tax profit of N561.4 billion.
This represents a 347.21% increase from the N125.5 billion reported in the previous year, amid growth in the company’s overall revenue.
For FY 2024, Seplat’s total revenue reached N1.6 trillion, a significant rise from N696.8 billion the prior year, with crude oil sales constituting 88% of this revenue and gas sales following as the next largest contributor.
Additionally, Seplat Energy has declared a final dividend of US 3.6 cents per ordinary share and a special dividend of US 3.3 cents for the period ended 31 December 2024, both subject to withholding tax, for registered shareholders.
The company stated that the final dividend will be paid to shareholders listed in the Register of Members as of the close of business on May 9, 2025.
Elaborating on the qualification date, the company stated: “The qualification date is the close of business on May 9, 2025. Additionally, on the London Stock Exchange, the Associated Record Date will also be May 9, 2025, while the Ex-Dividend date is set for May 8, 2025.’’
Key Highlights (2024 vs 2023)
- Revenue: N1.6 trillion, +137% YoY
- Cost of sales: N941.4 billion, +170.90% YoY
- Gross profit: N710 billion, +103.27% YoY
- Other income: N54.9 billion, -168.64% YoY
- General and administrative expenses: N217.8 billion, +131.05% YoY
- Operating profit: N647.9 billion, +295.73% YoY
- Finance income: N19.5 billion, +211.05% YoY
- Finance costs: N136.5 billion, +200.44% YoY
- Pre-tax profit: N561.4 billion, +347.21% YoY
- Post-tax profit: N214.2 billion, +163.43% YoY
- Total Assets: N9.8 trillion, +221.64% YoY
- Retained Earnings: N319 billion, +38.28% YoY
Commentary
Seplat Energy reported a full-year revenue of N1.6 trillion for FY 2024, up from N696.8 billion in 2023.
- Crude oil sales accounted for 88% of total sales at N1.4 trillion, while gas sales contributed 11.19% at N184.8 billion, and natural gas liquids added a minimal N389 million.
However, the cost of sales increased significantly by 170.90%, reaching N941.4 billion, compared to N347.5 billion in the prior year.
- Major drivers of this increase included Operations & Maintenance Costs at N318.5 billion, Depletion, Depreciation, and Amortisation at N265.3 billion, and Royalties totaling N216 billion.
Despite the higher costs, gross profit rose by 103.27% to N710 billion, up from N349.3 billion in FY 2023.
- Other income recovered from a loss of N80 billion last year to a gain of N54.9 billion in 2024, with foreign exchange gains contributing N44.9 billion and Underlift/(Overlifts) at N15.5 billion.
On the downside, general and administrative expenses spiked to N217.8 billion, marking a 131.05% increase from N94.2 billion in 2023, primarily due to rising employee benefits and consulting fees.
- Operating profit rose to N647.9 billion, an increase of 295.73% year-over-year from N163.7 billion.
- The company’s finance income, mainly from interest, increased by 211.05% to N19.5 billion compared to N6.2 billion the previous year. However, finance costs surged by 200.44%.
In summary, Seplat reported a pre-tax profit of N561.4 billion for FY 2024, marking a 347.21% increase from N125.5 billion in FY 2023. The company’s post-tax profit also rose by 163.43% year-over-year to N214.2 billion.
Asset position
In 2024, Seplat’s total assets reached N9.8 trillion, a significant increase from the N3 trillion reported in 2023.
The company’s non-current assets totaled N6.9 trillion, primarily driven by oil and gas properties, which accounted for N5 trillion of this total.
Concurrently, total current assets rose to N2.8 trillion, a notable increase from N861.9 billion in the previous year.
- Within this category, trade and other receivables represented over 40%, amounting to N1.15 trillion, while inventories contributed N725.5 billion.
