Seplat Energy Plc, the energy conglomerate co-founded and partly owned by Nigerian energy tycoon Austin Avuru, has announced an interim dividend payout of $17.61 million, reflecting its commitment to delivering value to its shareholders amidst a challenging economic landscape.
The declared dividend of $0.03 per share will be paid to local investors, with the conversion based on the Nigerian Autonomous Foreign Exchange Market (NAFEM) closing rate of N1,570.99/$ as of August 12, 2024.
Seplat ups dividends, stays profitableSeplat Energy's total dividend payout for the first half of 2024 now stands at $34.28 million, marking a significant increase from previous distributions. This sharp rise highlights the company's robust profitability and strategic focus on maximizing shareholder returns, even as the global energy market remains volatile.
The firm's interim dividend announcement comes on the heels of a slight 4.7 percent decline in average daily production. Despite this dip, Seplat's disciplined financial management and strategic initiatives have enabled it to maintain strong returns for its shareholders. The company reported a net profit of $42.89 million for the first half of 2024, with a dividend payout ratio surging to 80 percent, up from 51.4 percent in the corresponding period of the previous year.
