Seplat Announces Dollar Exchange Rate for Interim Dividend Naira Payments
- Seplat Energy Plc has set the exchange rate for its second quarter 2025 interim dividend naira payments
- The exchange rate announced by the company is based on the Central Bank of Nigeria NFEM of Aug. 12.
- The oil company also announced a strong financial performance with the CEO excited about what the future holds
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Seplat Energy Plc, Nigeria’s largest listed independent energy company has announced the exchange rate for shareholders opting to receive its second-quarter 2025 interim dividend in naira.
In a notice to the Nigerian Exchange Limited (NGX) on Tuesday, August 13, Seplat said paying in naira will be exchanged at N1,537.09 per US dollar.
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The company said in a notice to the NGX that the rate reflects the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) rate as of August 12.
Shareholders who chose the naira payment option will have their dividend converted from the US dollar payout using the specified rate.
The dividend, declared earlier in dollars, stands at $4.6 cents per share, matching the first-quarter payout.
Seplat, which is also listed on the London Stock Exchange, said the currency conversion aligns with its policy of offering shareholders a choice of payout currency while ensuring transparency and regulatory compliance.
Seplat financial performance
The announcement follows the release of Seplat’s unaudited half-year results for the period ended June 30.
According to figures from the report, Seplat revenue improved by N2.167 trillion, up from N575.1 billion a year earlier.
While its gross profit rose to N751.2 billion from N247.5 billion, while operating profit climbed to N601.2 billion from N285.2 billion.
Also, the company revealed that the cash generated from operations jumped to N1.188 trillion from N308.2 billion in the prior-year period, with EBITDA surging to N1.139 trillion from N364.5 billion.
The company attributed the performance to strong production, with offshore volumes up 11% quarter-on-quarter.
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CEO speaks on performance
Speaking on the result, CEO Roger Brown said that Seplat has continued its positive trajectory in Q2 to deliver a strong performance for the first half of 2025, Guardian reports.
He said:
“Our focus on integrity, reliability and production improvement activities is bearing fruit as evidenced by strong production in 2Q 2025, with onshore in the upper end of guidance and offshore production growing 11 per cent quarter on quarter.
“The company delivered first-half production over 10 per cent higher than the pro forma output in the same period last year, delivering on both our ambitions and supporting Nigeria’s goals of oil and gas production growth."
More Nigerian companies join $1bn club
Earlier, Legit.ng reported that more Nigerian companies had become worth at least $1 billion.
18 listed companies now boast a market capitalisation of over $1 billion, nearly double the 10 companies that held such status at the end of 2024.
Based on the data, MTN Nigeria is now the most valuable firm on the NGX, with a $6.6 billion market cap.
Source: Legit.ng
