Seplat Energy Plc, a dual-listed company on the Nigerian Exchange and London Stock Exchange, announced a remarkable 350% increase in operating profit for the nine months ending September 30, 2024. Operating profit soared to ₦411.3 billion, compared to ₦91.3 billion during the same period in 2023.
The company’s unaudited financial results for the period, released yesterday, also revealed a 17% rise in cash generated from operations, which climbed to $423.3 million from $362.3 million in the corresponding period last year. However, revenue declined by 11.7%, standing at $715.3 million compared to $810.4 million in Q3 2023.
CEO Highlights Operational Milestones
Commenting on the results, Seplat Energy’s Chief Executive Officer, Mr. Roger Brown, said:
“The first nine months of 2024 have seen Seplat Energy deliver a strong operational performance. Production has remained consistent, drilling activities have improved, and we successfully executed key maintenance operations.
“We have brought two new fields online, most recently Abiala, and are nearing the completion of the Sapele gas plant. While delays at the ANOH gas project remain frustrating, we appreciate the commitment of our government partner in addressing the technically challenging river crossing.
“Based on the latest estimates and accounting for potential risks of further delays, we now expect first gas from ANOH by Q2 2025.”
Improved Cash Generation and Operational Resilience
Brown noted that supportive commodity prices, strong operational uptime, and timely cash calls from joint venture partners significantly boosted cash generation year-on-year, strengthening Seplat’s financial position.
Despite the challenges in revenue performance, the company’s robust operational and strategic execution underscores its resilience and commitment to long-term growth in the energy sector.
