Seplat Energy Plc has actually released its economic record for the finished 31 December 2024, disclosing a pre-tax revenue of N561.4 billion.
This stands for a 347.21% boost from the N125.5 billion reported in the previous year, in the middle of development in the business’s total profits.
For FY 2024, Seplat’s complete profits got to N1.6 trillion, a considerable increase from N696.8 billion the previous year, with petroleum sales making up 88% of this profits and gas sales complying with as the following biggest factor.
Additionally, Seplat Energy has actually proclaimed a last reward people 3.6 cents per average share and an unique reward people 3.3 cents through finished 31 December 2024, both based on holding back tax obligation, for signed up investors.
The business mentioned that the last reward will certainly be paid to investors provided in the Register of Members since the close of organization on May 9, 2025.
Elaborating on the credentials day, the business mentioned: “The credentials day is the close of organization on May 9, 2025. Additionally, on the London Stock Exchange, the Associated Record Date will certainly additionally be May 9, 2025, while the Ex-Dividend day is established 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 revenue: N710 billion, +103.27% YoY
- Other revenue: N54.9 billion, -168.64% YoY
- General and management expenditures: N217.8 billion, +131.05% YoY
- Operating revenue: N647.9 billion, +295.73% YoY
- Finance revenue: N19.5 billion, +211.05% YoY
- Finance expenses: N136.5 billion, +200.44% YoY
- Pre- tax obligation revenue: N561.4 billion, +347.21% YoY
- Post- tax obligation revenue: 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 profits of N1.6 trillion for FY 2024, up from N696.8 billion in 2023.
- Crude oil sales represented 88% of complete sales at N1.4 trillion, while gas sales added 11.19% at N184.8 billion, and gas fluids included a very little N389 million.
However, the price of sales raised substantially by 170.90%, getting to N941.4 billion, contrasted to N347.5 billion in the previous year.
- Major chauffeurs of this boost consisted of Operations & & Maintenance Costs at N318.5 billion, Depletion, Depreciation, and Amortisation at N265.3 billion, and Royalties amounting to N216 billion.
Despite the greater expenses, gross revenue climbed by 103.27% to N710 billion, up from N349.3 billion in FY 2023.
- Other revenue recuperated from a loss of N80 billion in 2014 to a gain of N54.9 billion in 2024, with fx gains adding N44.9 billion and Underlift/(Overlifts) at N15.5 billion.
On the drawback, basic and management expenditures surged to N217.8 billion, noting a 131.05% boost from N94.2 billion in 2023, mostly because of climbing fringe benefit and getting in touch with charges.
- Operating revenue climbed to N647.9 billion, a rise of 295.73% year-over-year from N163.7 billion.
- The business’s money revenue, primarily from passion, raised by 211.05% to N19.5 billion contrasted to N6.2 billion the previous year. However, money expenses rose by 200.44%.
In recap, Seplat reported a pre-tax revenue of N561.4 billion for FY 2024, noting a 347.21% boost from N125.5 billion in FY 2023. The business’s post-tax revenue additionally climbed by 163.43% year-over-year to N214.2 billion.
Asset setting
In 2024, Seplat’s complete possessions got to N9.8 trillion, a considerable boost from the N3 trillion reported in 2023.
The business’s non-current possessions amounted to N6.9 trillion, mostly driven by oil and gas residential or commercial properties, which represented N5 trillion of this total amount.
Concurrently, complete existing possessions climbed to N2.8 trillion, a noteworthy boost from N861.9 billion in the previous year.
- Within this classification, profession and various other receivables stood for over 40%, totaling up to N1.15 trillion, while supplies added N725.5 billion.
