Seplat Energy crosses N1trn in market capitalization

Indigenous oil and gas giant, Seplat Energy Plc has crossed N1 trillion in market capitalization to join the exclusive group of stocks worth over one trillion (SWOOTs).

This was as its share price increased to N1837 per share to hit N1.08 trillion in market value.

Seplat is now the 8th member of the current group of stocks worth over one trillion joining the likes of Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods, BUA Cement, Zenith Bank, and GTCO.

Seplat’s rally is partly influenced by the favourable economic policies of President Tinubu’s Administration.

Notably, the government’s decision to remove fuel subsidies has had a positive effect on the Oil and Gas Sector and the unification of exchange rates has improved investors’ confidence in the markets.

This confidence has seen Nigerian equities record new all-time highs as the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) soared to an unprecedented 66,490.34 points.

Seplat Energy Plc, listed on both the Nigerian Exchange Limited and the London Stock Exchange, announced its unaudited results for the six months ended 30 June 2023, recording a rise in revenue by 3.8 per cent to N278.3 billion from N219.2 billion year-on-year.

The company also declared a Q2 2023 dividend of US 3 cents per share, which according to the company is in line with a higher core annual dividend of US 12 cents.

The energy company also grew its 2023 H1 gross profit to N140.6 billion from N114.1 billion year-on-year.

The NGX All-Share Index and Market Capitalization appreciated by 3.00 per cent to close the week at 67,527.19 and N36.958 trillion respectively.

The SWOOTs with a combined market valuation of over N27 trillion make up over 66 per cent of the entire NGX, hence, strongly influencing the growth or otherwise of the exchange.