The board of directors of Seplat Petroleum Development Company Plc has however recommended distribution of interim dividend of $0.04 or four cent to shareholders of the upstream oil company.
Shareholders whose names are found on the company’s register at the close of business on October 29, 2015 will be entitled to the cash benefit. Nigerian investors and others who may opt to receive their dividends in Naira will use the exchange rate on October 29 to determine the equivalent Naira value.
The nine-month report for the period ended September 30, 2015 showed that profit after tax dropped from N35.4 billion in 2014 to N13.6 billion in 2015. Profit before tax had dropped from N35.4 billion to N13.54 billion. Operating profit also declined from N39.51 billion to N22.69 billion while gross profit slumped to N38 billion in third quarter 2015 as against N54.6 billion in third quarter 2014. The oil company’s turnover had dropped from N92.01 billion to N83 billion.
The council of the Nigerian Stock Exchange (NSE) had recently approved application by Seplat to create a multi-million shares employee incentive scheme that will ensure periodic distribution of the equities of the oil and gas exploration and production company to employees. Seplat is listed on the NSE and the London Stock Exchange (LSE).
With the approval, Seplat will finalise the process of establishment of an “Employee Long-Term Incentive Plan” under which more than 10.13 million ordinary shares of 50 kobo each will be warehoused and distributed to pre-qualified employees of the oil company. The approved initial shares are currently valued at about N2.48 billion. Seplat opened this week at N244.69 per share.
The “Employee Long-Term Incentive Plan” is the final phase of a two-part incentive scheme under which the six-year old company plans to reward directors and employees, especially those executives and directors that contributed to its hugely successful initial public offering (IPO).
Credit:The Nation
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