………Revenue rises by 38.2% to N293.6bn
………declares US2.5 cents per share for Q4
………Grows 2021 full-year PBT by 321.1% to N71bn
Still savoring the recent acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, Seplat Energy Plc a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has announced a gross profit by 128.9% to N114.2billion for the 2021 business year.
The energy company also announced a 38.2% rise in its 2021 full-year revenue to N293.6billion; and a growth in profit before tax by 321.1% to N71billion.
The chief executive officer of Seplat, Mr. Roger Brown, said that despite a challenging year for Nigerian oil and gas, Seplat’s robust results delivered today show how “our increasing financial strength has made such an acquisition possible, without the need to dilute shareholders, by giving international financial partners the confidence to invest in our vision.”
He said the addition of MPNU nearly trebles Seplat’s production and doubles its reserves on a pro forma 2020 basis, reinforcing Seplat’s leadership of Nigeria’s indigenous energy sector, “and enabling us to generate strong future cash flows that will underpin our investment in Nigeria’s energy transition and improve our overall stakeholder returns.”
He regretted however that the company’s 2021 performance was affected by outages at Forcados Terminal “that will no longer have such an impact when we switch to the new Amukpe-Escravos Pipeline, which we expect to launch in March.
“This is part of our strategy to diversify and derisk routes to market, assuring higher revenues from significantly better uptime and lower reconciliation losses. Furthermore, once we have completed our acquisition of MPNU, we will add significant production from offshore assets with dedicated export terminals that also have higher availability and lower reconciliation losses,” Roger said.
The company said the addition Mobil Producing Nigeria Unlimited (MPNU) offers a significant undeveloped gas resource base which, alongside their ANOH gas project development, will underpin Nigeria’s energy transition and drive domestic and export revenues when developed.
Seplat said its financial strength is matched by the skills and ambitions of its staff, whereas the company is looking forward to welcoming more than a thousand highly trained colleagues from MPNU and working with them to ensure their smooth on-boarding into Seplat Energy.
“Together we will build a sustainable, world-class company that generates attractive returns for stakeholders and delivers energy transition for one of the world’s largest and most rapidly growing populations,” Rogers said.
By Chibisi Ohakah, Abuja
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