By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE) – First listed Nigerian oil and gas upstream firm, SeplatPetroleum Development Company Plc said on Wednesday it has offered shareholders of the company N18.00 ($0.09)per share dividend for the period ended December 31, 2014.

Seplat in its corporate action declaration with the Nigerian Stock Exchange (NSE) said closure date is May 22, 2015 while its annual general meeting (AGM) and payment date has been scheduled for June 2, and 10 respectively.

“Proposed Dividend:   $0.09 Cents per share (at an exchange rate of ?200/per dollar) will translate to ?18.00 per share. Though the ruling exchange rate on the date of payment will be the conversion factor,” Seplat said.   

A review of the first listed Nigerian oil and gas upstream firm 2014 audited report shows that its profit for year dropped to $252 million from $550 million recorded a year earlier; showing a decline of 54.2 percent.

Similarly, profit before tax (PBT) declined 44.85 percent to $252 million from $457 million reported the in the 2013 audited financial year end.

Also, revenue dipped 11.93 percent to $775 million in the 2014 end from $880 million declared a year earlier, the company said in a filing with the Nigerian Stock Exchange (NSE).

Share price of the company climbed up five (5) percent to N404.25 on Wednesday from N385.00 recorded the last session at the close of business on the Nigerian bourse; gaining N19.25.