The company generated cash from its operations to the tune
of N74.4bn from N1.7bn year-on-year, rising by 197.8 per cent.
The energy Company’s also grew its revenue by 58.6 per cent
to N100.6bn from N57.9bn year-on-year; as its gross profit soars to N48.8bn
from N20.1bn year-on-year, rising by 122.3 per cent.
Financial highlights
- Revenues up 58.6% to $241.8 million
- EBITDA up 81.6% to $147.4 million (adjusted for non-cash items)
- Strong cash generation of $178.7 million, capex of $25.7 million
- Strong balance sheet with $312.2 million cash at bank, net debt of $442.6 million
- Q1 interim dividend of US2.5 cents per share
Commenting on the results, Mr. Roger Brown, Chief Executive
Officer, Seplat Energy Plc, said:
“Seplat Energy delivered a good quarter that benefited from
higher oil pricing, which offset lower production owing to continuing problems
with the Trans Forcados Pipeline. However, the alternative Amukpe-Escravos
Pipeline is mechanically complete and once we have signed the commercial
agreements, we expect Chevron to be lifting our oil through the Escravos
Terminal in the third quarter.
“Our proposed acquisition of MPNU remains on course. We are
awaiting the necessary approvals from government and regulators and expect the
transaction to complete in the second half of this year.
The effective date of 1 January 2021 means we will benefit
from higher recent oil prices and as we have previously reported, the addition
of MPNU will nearly treble our production and double our reserves on a pro
forma 2020 basis.
The acquisition will reinforce our leadership of Nigeria’s
indigenous energy sector and enabling us to generate strong future cash flows
that will underpin our investment in Nigeria’s energy transition and improve
our overall stakeholder returns.
It will also bring a significant undeveloped gas resource
base which, alongside our ANOH gas project development, will underpin Nigeria’s
energy transition and drive domestic and export revenues when developed.
“We announce the decision to divest the Group’s interest in
the Ubima marginal field for a consideration of $55million, which marginally
reduces the company’s 2P reserves by 2 MMboe to 455 MMboe.
“We have proven we have the financial strength and
credibility to attract international finance into Nigeria’s energy sector and
this will help us in our aim to deliver energy transition and provide cleaner,
more reliable and more affordable energy for Nigeria’s young and growing
population.”
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