Seplat Energy Plc grew its profit before tax by 238 per cent to $209.9 million in the first half of 2022, ended June 30, from $62.1 million in 2021.
The energy company also maintained a strong balance sheet with $350 million cash at bank.
In the company’s unaudited results for the six months ended June 30, 2022, revenue for the period under review also appreciated by 71 per cent to $527 million from $308.8 million in comparable period of 2021, with a dividend of $2.5 cents per share declared.
The indigenous energy company also reported a 208.5 per cent rise in gross profit to $274.3 million from $88.9 million in first half 2021. Seplat has committed to stopping routine flaring by the end of 2024.
Chief Executive Officer, Seplat Energy Plc, Mr Roger Brown said the company’s production increased strongly in the second quarter, achieving 52.4 kboepd across its operations, as it expects to maintain higher volumes for the rest of the year that it plans to export liquids through the more secure Amukpe-Escravos Pipeline.
“Having divested our interest in Ubima because of its high production costs and export difficulties, we recently acquired a 95 per cent interest in the Abiala marginal field and plan to begin operations there next year using existing infrastructure in OML 40. This is consistent with the strategy for low-cost, low-risk upstream growth we announced last year.
“We remain confident that our transformational acquisition of MPNU will be approved, adding significant reserves and production capacity that will strongly reinforce Seplat Energy’s position as Nigeria’s leading indigenous oil and gas producer.
“We have recently launched a roadmap for decarbonisation, with a clear path to ending routine flaring by 2024. In addition, our ‘Tree for Life’ initiative will plant five million saplings to sequester carbon across five states. All of these initiatives demonstrate our strategic commitment to build a sustainable company that delivers energy transition for the benefit of all Nigerians,” Brown said.