March 6, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)- First dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc on Wednesday said its profit for the year ended December 31, 2018 declined -44.7 percent to N44.86 billion  from N81.11 billion recorded a year ago.

Seplat reported a pretax profit of N80.61 billion compared to N13.45 billion posted in full year 2017; indicating a growth of 499.2 percent.

Revenue of the first dual listed Nigerian oil and gas upstream firm increased 108.6 percent to N288.39 billion from N138.28 billion reported the same period of 2017, the company said in a filing with the Nigerian Stock Exchange (NSE).

Seplat’s board offered a dividend of $0.05 per share to shareholders a turnaround from no dividend paid at the end of the 2017 financial year.

Seplat in its corporate action with the Nigerian Stock Exchange (NSE) said qualification and closure dates for the $0.05 per share dividend is March 20 and March 21, 2019 respectively.

The $0.05 per share dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on March 20, 2019, while the Register of Shareholders will be closed on March 21, 2019.

“Note that on the London Stock Exchange: the Associated Record Date will be March 20, 2019 and the Ex-Dividend date will be March 19, 2019,” the company added.

The company announced that its Annual General Meeting (AGM) has been scheduled for May 16, 2019 and payment date is May 23, 2019.

According to Seplat, the default currency and options on currency election for the dividend will depend as follows:

• Shareholders holding their shares on the Nigerian Stock Exchange without a valid Nigerian Certificate for Capital Importation (“CCI”) will be paid their dividend in Naira as the default currency;
• Shareholders holding their shares on the Nigerian Stock Exchange with a valid CCI will be paid their dividend in US dollars as the default currency. However, those shareholders may instead elect to receive their entire dividend payment in Naira (partial elections are not permissible).  Evidence of the CCI must be provided to Datamax Registrars Limited; and
• Shareholders holding their shares through depository interests on the London Stock Exchange will be paid their dividend in US dollars as the default currency.  However, those shareholders may instead elect to receive their entire dividend payment in pounds sterling. Partial elections are not permissible.

Shares of Seplat at the close of the session’s trading on the floor of the Nigerian bourse depreciated -3.57 percent to N596.90 from N619.00 per share traded the previous session.

Click here to read full PDF copy of report

Click here to read full result presentation