Seplat Energy Announces FX Rate for Interim Dividend Payment
Seplat Energy, an independent energy company with dual listing on Nigerian Exchange and London Stock market has announced exchange rate for its interim dividend payment conversion.
The company has maintained its quarterly dividend payout with an interim dividend of $0.03 per share to be paid to shareholders.
In a regulatory note, the company confirmed dividend payable to Nigerian shareholders will be based on N1,570.99 per US dollar exchange rate.
The management explained that NAFEX Rate as of August 12 will be used in determining Q2 2024 interim dividend to shareholders that will receive the dividend payment in Naira.
In the first half of 2024
Seplat Energy Plc recorded profit before tax of N244 billion in the first half of financial year 2024. This indicated an increase of 461 per cent from N43.5 billion recorded in the corresponding period of the year 2023.
It declared a total dividend of six U.S. cents per share for the period under review, while cash generated stood at N308.2 billion.
In the period, the company faced costs pressure amidst revenue growth. Net finance costs grew by 3.8% year on year, following a 7.2% year on year rise in finance costs due to an increase in bank loans and other financing charges.
Also Seplat Energy recorded a higher effective tax rate of 72.1%, amounting to $129.0 million due to a current tax charge of $67.1 million and a deferred tax charge of $61.9 million based on the 2024 full-year projected effective tax rate.
Hence, the company’s net profit or profit after tax (PAT) settled at $49.9 million, representing a 39.6% year-on-year decline versus equivalent period in 2023.
The company has maintained its quarterly dividend payout with an interim dividend of $0.03 per share to be paid to shareholders. #Seplat Energy Announces FX Rate for Interim Dividend Payment
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