Seplat Energy PLC on Monday said pretax profit declined in its latest nine-month period, although revenue and production both increased.

The Nigeria-focused oil and gas producer said pretax profit fell 43% to $106.5 million in the first nine months of 2023, from $185.2 million the previous year.

Revenue however increased 31% to $810.4 million from $618.6 million. General & administrative expenses increased 32% to $104.5 million, and cost of sales increased 18% to $394.1 million.

Cash generation was flat at $365.1 million, funding capital expenditure of $125.4 million. Seplat’s cash balance was $391.0 million at September 30, up from $304.8 million at the same time one year prior.

Production averaged 48,152 barrels of oil equivalent per day, up 11% from 43,337 boepd the prior year. The average realised oil price fell 24% to $82.76 per barrel from $108.25, while the average realised gas price increased 2.5% to $2.87.

Seplat declared a dividend of three US cents per share for the third quarter, ‘in line with’ its 12 cents annual dividend target.

For the full year, Seplat narrowed production guidance to between 46,000 and 50,000 boepd, from the original 45,000 to 55,000 range.

‘Our focus for the rest of 2023 is on safe and reliable operations, revenue assurance and cost management, all of which will deliver further strengthening of our cash position,’ commented Chief Executive Officer Roger Brown.

He continued: ‘We wholly align with and support President Tinubu’s efforts to make Nigeria a more attractive place to invest, and we will play our part by delivering affordable and reliable energy that will support our nation’s growth.’

Shares in Seplat were up 1.9% at 129.80 pence in London on Monday morning.

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