Story by Babajide Okeowo
Seplat Petroleum Development Company Plc has paid N18 dividend per share to its shareholders for the 2018 financial year. The dividend payout amounted to N10.6 billion. This is even as the company’s Gross Earnings declined from N28 billion in the first quarter of 2018 to N24 billion in 2019. This marks a 14.28% decrease year on year.
According to Austin Avuru, Seplat’s Chief Executive Officer, the company’s operational and financial performance resulted in robust profitability and cash flow generation, which provided an extremely solid foundation for growth for the coming years.
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“In 2018, we reinstated the dividend, increased capital investments and with the resources and headroom in our capital structure, we are equipped to capitalise on organic and inorganic growth opportunities as they may arise. The board has taken the final investment decision for the Anoh and Amukpe to Escravos alternate export pipeline, which will be completed and fully commissioned in the second quarter of the year” he said.
The company’s Gross Earnings declined from N28 billion in the first quarter of 2018 to N24 billion in 2019. This marks a 14.28% decrease year on year.
Profit before tax reduced to N5 billion in 2019, from N17 billion in 2018, representing a downturn of 70.5%. Profit after tax, however, increased from N6 billion in 2018, to N10 billion in 2019, representing a boost of 66.6%.