Seplat Energy Plc intends to distribute a combined total of N46.2 billion for its 2023 final and special dividend, reflecting a payout ratio of 57%, which corresponds to the company’s net income of N81.3 billion for the same fiscal period.
The exchange rate designated for the 2023 final and special dividend mirrors the closing rate in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on April 25, 2024, at N1309.88/$.
The conglomerate’s final dividend for FY 2023 stands at 3 US cents per share, alongside a special dividend of 3 US cents per share, totaling 6 cents per share for the financial year 2023. At the prescribed exchange rate, this equates to N78.6 per ordinary share, considering Seplat’s total outstanding shares of 588 million, resulting in a final and special dividend payout of approximately N46.2 billion.
Dividends will be disbursed to shareholders recorded in the Shareholders Register as of April 26, 2024, as indicated in the dividend announcement on February 29, 2024.
Being dually listed on the Nigerian Exchange Group (NGX) and the London Stock Exchange, Seplat Energy typically denominates dividend payments in US dollars, affording stakeholders the flexibility to opt for their preferred currency for payment.
Seplat Energy maintains a steady quarterly dividend of 3 US cents per share. In FY 2023, the company disbursed dividends in April, July, and October, totaling $98.8 million, a significant increase from the $58.8 million distributed in 2022.
Since 2014, Seplat Energy has allocated approximately $575 million in dividends, demonstrating a consistent track record of annual dividend payments since its initial public offering, except for 2017.
