Seplat Nigeria Plc has crossed the N4,000 share price for the first time ever, marking a 9% gain in early trading on Thursday.
Data from early hours trading reveal the company share price is trading at N4,030 with a net bid position of over seventy thousand shares.
The company share price opened at N3,682.9 per share on Wednesday.
Since dipping to a low of N1,008 in November 2022, Seplat Nigeria has strongly maintained a bullish trend that saw it close in the green for ten consecutive months spanning from May 2023 to February 2024.
The stock market volume, which has been steadily increasing for several weeks, reached its highest level since the second week of April, with a value of 1.08 million shares since closure in the trading week beginning July 28, 2024.
At a new high of N4,030, Seplat’s share price has increased by 74% compared to the closing price of the stock in December 2023, at N2,310.
What you should know
The company reported a growth in revenue by 142% year-over-year, from N126 million in 2023 to N306 million in 2024.
Although the cost of sales reported in the second quarter increased by 59% year-over-year, the company posted a gross profit value of N183.6 million, representing a 270% growth.
In the income statement, the company reported an operating profit that spiked from N12 million recorded the previous year to N162 million in 2024, indicating that the company is making profits from core business operations.
Seplat’s pre-tax profit also grew by 3,479% year-over-year in Q2 of 2024, posting N140 million in 2024 up from N3 million reported the previous year, as earnings per share of the company grew from N7.78 in 2023 to N91.79.
Dividend paid to shareholders
At the annual general meeting of the company, which was held on July 30, 2024, the company announced that it would pay an interim dividend of US3 cents (United States 3 cents) per ordinary share of 0.5K to members.
In the resolution released on the NGX website, shareholders of the company outlined that the dividend was subject to withholding tax and would be paid to shareholders whose names appeared on the company’s book before 30 June 2024.
Seplat’s CEO, following the release of the company’s second-quarter results, classified the company’s cash generation potential as solid.
He said, “Reported cash generation was softened by the underlift in the period, but this is largely a timing effect, and our cash generation and balance sheet remain strong.”