Seplat Energy Posts N44.4 billion Profit in 2022

Seplat Energy Plc has posted its financial report for the year ended 31st December 2022.  

The financial report shows that the company realized N44.4 billion in profit compared to N46.9 billion in the previous year. 

The summary of the result is as follows:

Revenue from contracts with customers: 

FY 2022: N403.913 billion 

FY 2023: N293.631 billion 

%Change: +37.6% 

Gross Profit: 

FY 2022: N197.217 bilion 

FY 2023: N114.217 billion 

%Change: +72.7% 

General and administrative expenses 

FY 2022: N58.299 

FY 2023: N32.072 

%Change: +81.8% 

Operating profit 

FY 2022: N116.589 

FY 2023: N100.401 

%Change: +16.1% 

Finance cost-net 

FY 2022: N28.425 billion 

FY 2023:N30.390 billion 

%Change: +6.5% 

Profit before taxation 

FY 2022: N86.730 billion 

FY 2023: N71.028 billion 

%Change: +22.1% 

Profit for the year 

FY 2022: N 44.433 billion 

FY 2023: N46.931 billion 

%Change: -5.32% 

Earnings per share for the year 

FY 2022: N45.00 

FY 2023: N97.63 

%Change: -53.9% 

The CEO’s comment: Speaking t the company’s result, Roger Brown, Chief Executive Officer, said they gave credit to the company for the performance despite challenges faced during the period. He said:

• “Seplat Energy has performed well despite an unusually challenging quarter for the Nigerian oil and gas industry, with key export routes being unavailable because of damage and theft. However, our main export route, the Trans Forcados Pipeline, has resumed operations. We continue to increase our use of the Amukpe-Escravos Pipeline and other alternative export routes, giving us confidence that the final quarter of the year will show some improvement in volumes.
• “We remain confident that our transformational acquisition of MPNU will be approved and are working closely with all the relevant stakeholders to achieve a successful outcome for all parties. The acquisition will add significant reserves and production capacity to strongly reinforce Seplat Energy’s position as Nigeria’s leading indigenous oil and gas producer.”