{"id":25149,"date":"2022-05-18T20:53:14","date_gmt":"2022-05-18T20:53:14","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=25149"},"modified":"2022-05-18T20:53:14","modified_gmt":"2022-05-18T20:53:14","slug":"seplat-posts-177m-pre-tax-profit-for-2021","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/18\/seplat-posts-177m-pre-tax-profit-for-2021\/","title":{"rendered":"Seplat posts $177m pre-tax profit for 2021"},"content":{"rendered":"<header class=\"entry-header\" aria-label=\"Content\"><\/header>\n<div class=\"entry-content\">\n<div dir=\"auto\">\n<p class=\"p1\"><span class=\"s1\"> Seplat Energy Plc has recorded a pre-tax profit of 177 million dollars for the year ended December 2021 <\/span><span class=\"s1\">The amount is 321 percent higher than the 80 million dollars recorded by the company, which is listed on the Nigerian Exchange and the London Stock Exchange, in 2020.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Mr Roger Brown, Chief Executive Officer, Seplat Energy Plc, made the announcement while speaking with newsmen after the 9th Annual General Meeting of the company on Wednesday in Lagos.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Brown said Seplat\u2019s revenue increased by 38 per cent to 733 million dollars in 2021 when compared with 531 million dollars in the 2020 financial year.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He said the company made 618.4 million dollars from oil sales while 114.8 million dollars revenue was made from gas in 2021.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">According to him, oil revenues went up on higher price of 70.54 dollars per barrel in 2021 compared to the 39.95 dollars per barrel it was sold in 2020 as a result of the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/03\/10\/who-marks-2-years-of-declaring-covid-19-pandemic\/\">COVID-19 pandemic<\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Brown said the board also agreed on the payment of dividends at 10 cents per share for its shareholders, which would be paid quarterly.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cSo, the company has bounced back from 2020. It is in a strong footing going forward and the circumstances show that we are having a better result going into 2022,\u201d he said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Brown also noted that the ongoing conflict between Russia and Ukraine had provided Nigeria with a unique opportunity to take its gas into the European market.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He, however, said Seplat remained committed to meeting the domestic gas needs of the country in order to reduce lack of access to energy, which was critical to development.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Also, ABC Orjiako, outgoing Board Chairman, Seplat Energy Plc, said the company would continue to make massive investments to grow its oil and gas production and reserves.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Orjiako said Seplat had paid over 2 billion dollars in taxes and royalties to the federal government and had also paid about 12 billion dollars to its production partners, including the Nigerian National Petroleum Company (NNPC) Ltd.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He said the 700 million dollar ANOH Gas Processing Company, being constructed by Seplat and the NNPC at Asaa, Ohaji\/Egbema in Imo, was nearing completion.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He said the project, which would produce about 300 MMscfd, reinforced Seplat\u2019s commitment towards its leading position in the transition to a cleaner source of energy, while providing sustainable development to its host communities.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Orjiako said the project, when completed, would provide gas to boost the much-needed supply of power to millions of homes and businesses across Nigeria to facilitate better standard of living and drive economic growth.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He also provided update on Seplat\u2019s recent acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil Corporation, Delaware, United States of America.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Orjiako said the company was currently engaging the government and its partners to obtain the needed consent to finalize the deal.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Commenting on the recent launch of `Seplat Energy Tree 4 Life Initiative\u2019 in Abuja, he said the project would be piloted in five states with the goal of planting one million trees annually for the first five years.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He said: \u201cEnvironmental sustainability is critical to our operations. The climate change situation needs to be mitigate, and that is why we took up this initiative. <\/span><span class=\"s1\">We are also targeting to take out flares in our operations by 2024, six years ahead of the time frame of 2030 set by the Federal Government.\u201d<\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Seplat Energy Plc has recorded a pre-tax profit of 177 million dollars for the year ended December 2021 The amount is 321 percent higher than the 80 million dollars recorded by the company, which is listed on the Nigerian Exchange and the London Stock Exchange, in 2020. Mr Roger Brown, Chief Executive Officer, Seplat Energy [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":25175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[19],"tags":[5221],"class_list":["post-25149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-seplat-energy-plc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Seplat posts $177m pre-tax profit for 2021 &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/18\/seplat-posts-177m-pre-tax-profit-for-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seplat posts $177m pre-tax profit for 2021\" \/>\n<meta property=\"og:description\" content=\"Seplat Energy Plc has recorded a pre-tax profit of 177 million dollars for the year ended December 2021 The amount is 321 percent higher than the 80 million dollars recorded by the company, which is listed on the Nigerian Exchange and the London Stock Exchange, in 2020. 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