Seplat Energy PLC on Tuesday reported double-digit increases in both revenue and profit for 2022 as it lifted its dividend by 50%.

Seplat is a Lagos-based oil and gas company focused on Nigeria.

For 2022, Seplat reported revenue of $951.8 million, up 30% from $733.2 million a year ago. Pretax profit rose 15% to $204.4 million from $177.3 million, as gross profit jumped by 63% to $464.7 million from $285.2 million a year ago.

Earnings before interest, tax, depreciation and amortisation amounted to $416.9 million, up 12% from $371.8 million in 2021.

Seplat said working interest production averaged 44,000 barrels of oil equivalent per day in 2022, impacted by outages of key infrastructure predominantly in the third quarter. This is down 7.5% from 47,693 in 2021.

Chief Executive Officer Roger Brown said: ‘As we enter 2023, the business is in a very healthy state, with new wells coming onstream, encouraging appraisal drilling underway at Sibiri, and alternative export routes ensuring good export performance in January and February this year.’

Seplat declared a special dividend of $5.0 cents per share in addition to the final dividend of $2.5 cents per share, taking total dividend to $15.0 cents. This is up 50% from $10 cents a year prior.

Looking ahead, Seplat expects production guidance for 2023 to be in the range of 45,000 to 55,000 boepd.

Shares were up 0.8% at 114.95 pence each on Tuesday around midday in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.