Seplat Energy - FY Results Update
Seplat reported FY22 net income of $104.7m with adjusted EBITDA up 12.1% YoY to $416.9m and debt cut to $365.9m, despite payment of $140m in transaction deposits. That enabled the Board to announce a US$0.05c special dividend taking the total for the year to $0.15 representing a yield of 11%. Seplat experienced a difficult year operationally which held back the results, nevertheless the strong cash performance saw debt cut and enabled the payment of a $0.05 special dividend. Export resilience has been improved, base business production should increase YoY and each of completion of the MPNU acquisition, start-up of the ANOH gas project, and spin out of the Midstream Gas business in line with PIA provisions, offers very substantial value enhancement yet the company trades at under 3x EV/EBITDA.
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