Seplat Energy Plc releases exchange rates for dividend payment

• Seplat Energy Plc releases exchange rates for dividend payment
• VFD Group’s earnings increased by 37% to N5.1 billion

To satisfy the needs of qualifying shareholders who want to receive their dividends in either naira or pounds sterling, Seplat Energy Plc said it has disclosed the applicable exchange rate utilized in calculating its interim dividend payout.

According to a corporate declaration from the company, the exchange rates would be N443.80 for every $1 and £0.8732 for every $1.

The prevailing exchange rates for the US dollar on November 9, 2022, were used to calculate the exchange rates for dividend distributions.

Decision deadline: On November 24, 2022, shareholders will no longer be able to change the currency in which they will be paid dividends. On or before November 24, shareholders must advise Seplat’s registrars of their choice. Seplat said in a statement, in part:

“In the absence of a qualifying dividend currency election by shareholders to the appropriate registrar, dividends will be paid in shareholders’ default currency. Shareholders should refer to the Company’s announcement on October 27, 2022, for the definition of default currency and dividend currency election forms can be found on the company website at https://seplatenergy.com/investors/dividend.”

Information about dividend payments: Recall that the business issued an interim dividend at a rate of $2.5 per share on October 27, 2022. According to the corporation, the dividend will be paid on December 6, 2022, to shareholders whose names are included in the membership register as of November 10, 2022. The payment is subject to withholding tax.

VFD Group’s earnings increased by 37% to N5.1 billion

VFD Group has maintained its financial growth progression despite the challenging operating environment, as evidenced by the fact that its Profit Before Tax, known as PBT, increased by 37% for the third quarter of the year, 2022, as compared to the N3.7 billion recorded in the corresponding quarter of 2021, Q3’21.

Other metrics for the unaudited results show that the Company’s gross revenues increased by 43% to N10.6 billion in Q3’22 from N7.4 billion in Q3’21; total assets increased by 88% to N165.5 billion in Q3’22 from N88.2 billion as at Q3’21; total liabilities increased by 84% to N141.8 billion as at Q3’22 from N77.2 billion as at Q3’21, and shareholder’s fund increased by 23.7 billion

In the meantime, operating costs increased by 49% to N5.7 billion as of Q3’22 from N3.8 billion as of Q3’21. Earnings Per Share (EPS) decreased from N36.43 in Q3 of 21 to N28.20 in Q3 of 22.

“The business environment for the period we operated in has been challenging, with growing inflation, FX instability, and a slow pace of economic growth with a worldwide recession on the horizon,” stated Managing Director/CEO Nonso Okpala in response to the findings. VFD Group demonstrated exceptional resiliency in the face of economic challenges and produced a profit before tax of N5.1 billion, representing a 37% increase year over year.

Continue Reading: VFD Group’s earnings increased by 37% to N5.1 billion