Seplat Energy Plc has announced that an exchange rate of NGN1,681.42 to US$1 will be used to determine the Naira equivalent of its third quarter 2024 interim dividend for shareholders who opt to receive their payments in the local currency .

This announcement was detailed in a disclosure 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 stated exchange rate reflects NAFEM’s closing rate on November 11, 2024.

It was stated:

“Seplat Energy PLC (“Seplat” or the “Company”), an independent Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, today confirms that the below exchange rate is applicable in determining the interim dividend of Q3 2024 for shareholders who will receive dividend payment in Naira (NGN).”

Moreover, he noted:“The exchange rate for Naira payables is the NAFEM closing rate for November 11, 2024. Exchange rate: $1 = NGN 1,681.42.”

The background story

On 29 October 2024, Seplat announced an interim dividend of 3.6 US cents per ordinary share of 50 kobo each, subject to applicable withholding tax.

According to the company, the dividend will be paid to shareholders in its Register of Members from the close of business on November 12, 2024, the register will close on November 13, 2024.

The company stressed that payments will be made in either Naira or US Dollars based on individual shareholder preference and eligibility:

• Shareholders holding shares on the Nigerian Stock Exchange (NGX) without a valid Nigerian Capital Import Certificate (CCI) will receive their payments in Naira.

• Meanwhile, payments in US dollars will be made to NGX shareholders with a valid CCI and to those who hold depository interests through the London Stock Exchange (LSE).

Financial performance

Seplat’s dividend payment reflects its strong financial performance for Q3 2024.

• The company reported a remarkable 532.15% year-on-year (YoY) growth in profit before tax (PBT) to NGN122.663 billion, leading nine-month PBT to NGN366.7 billion.

• Revenue also saw significant growth, with Q3 2024 revenue growing 148.18% YoY to NGN495.845 billion compared to NGN199.7 billion in Q3 2023.

• In the first nine months of 2024, total revenue reached an impressive NGN 1.071 trillion, representing a 124% increase from last year.
• Seplat also posted an operating profit of N126.1 billion in Q3, representing a 305.54% year-on-year (YoY) increase, while earnings per share rose 31.21% YoY , down to N3.91.

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