Seplat Energy | FY24 results - Confident 10% dividend increase
Seplat reported a near doubling in EPS for FY24 to US$0.26 (FY23 US$0.14) which included 19 days of contribution from the newly acquired MPNU assets, now renamed as Seplat Energy Producing Nigeria Unlimited (SEPNU). Excluding SEPNU and net positive unusual items, operating profit came in around 5% ahead of our forecast, we calculate. Adjusted EBITDA increased 20.3% YoY to US$539.0m on a reported basis and down 1.8% for the onshore assets. Net debt ended the year at US$898m, ahead of the US$1.1bn indicated in the prospectus, with pro-forma net debt/EBITDA of 0.7x. Reserves replacement for the onshore assets was an excellent 176% and total reserves at YEFY24 of 886mmboe were in line with the pro-forma YEFY23 reserves. Production guidance for FY25 is 120-140kboed which compares positively with pro-forma production on completion of the MPNU acquisition of 118kboed. In addition to the new USc3.6 run-rate as of 3QFY24 for the quarterly dividend, Seplat declared a special dividend of USc3.3 for a total FY24 dividend of USc16.5, up 10% YoY and a mark of confidence for the future.
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