Seplat Energy DI
Website:
Seplat Energy DI
Index:
Main Market
EPIC: SEPL
Supersector:
Energy
Sector:
Oil, Gas and Coal
Subsector:
Integrated Oil and Gas
Market Cap:
£3.15B
Payout Frequency: Quarterly
Seplat Energy DI Dividend Analysis and Summary
Declared Dividend and Key Dates
- Dividend declared: Interim US$0.05 per share + Special US$0.04 per share (gross; subject to WHT), total US$0.09 per share.
- Period covered: Quarter ended 31/03/2026.
- Ex-dividend date (LSE): 04/06/2026.
- Record/Qualification date: 05/06/2026 (LSE associated record date; NGX qualification date).
- Register close (NGX): 08/06/2026.
- FX rate for NGN payments set by reference to USD on: 04/06/2026; communicated 05/06/2026.
- Payment date: on or around 19/06/2026.
Currency, Elections and Mechanics
- Payment currencies: USD and NGN only.
- LSE (Depositary Interests): default USD.
- NGX holders with valid CCI: default USD (may elect full NGN; no partial elections).
- NGX holders without CCI: default NGN.
- Withholding tax: dividends are subject to applicable WHT.
Dividend Sustainability and Outlook
- Payout signal: The combination of a recurring interim (US$0.05) and an additional special (US$0.04) indicates strong early-year cash generation and management’s willingness to distribute excess cash.
- Sustainability: The interim looks aligned with an ongoing program; the special should be treated as non-recurring and contingent on surplus free cash flow. Without accompanying financials (cash flow, capex, leverage) in this RNS, investors should avoid extrapolating the total US$0.09 as a repeatable run-rate.
- Support from capital allocation: Issuing a special dividend suggests headroom after funding operations and investment. Absence of buyback commentary implies dividends remain the primary distribution tool at this time.
- Growth trajectory: Future growth in the base dividend will depend on production uptime, realized hydrocarbon prices, and capital intensity of projects. The special payout hints at positive momentum, but visibility on sustained increases is limited by commodity cyclicality.
Structural/Policy Considerations
- No structural changes (M&A, demerger, or share consolidation) are disclosed in this announcement.
- Policy nuance: Multi-currency framework and CCI requirement for USD receipts on NGX continue; this may influence the practical receipt currency for domestic holders and could affect net proceeds due to FX.
Risks and Flags Relevant to Dividend Stability
- Commodity and operational exposure: Cash flows remain sensitive to oil/gas prices and Nigerian operating conditions (infrastructure uptime, security, regulatory developments).
- FX and remittance risk: For NGX holders, conversion to NGN uses the rate on 04/06/2026; currency volatility can impact local-currency outcomes. Broader Nigerian FX/liquidity dynamics can affect timing and convertibility of USD.
- Regulatory/tax: Dividends are subject to withholding tax; treaty positions may vary by holder. Any changes to Nigerian fiscal/FX policy could affect future distributions.
- Timing language: “On or around” 19/06/2026 implies some execution/timing risk typical for cross-border payments and registrar processing.
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Seplat Energy DI Annual Dividend Yield - 2.7%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 14/05/2026 |
29/05/2026 |
Special |
3.30¢ |
USX |
| 14/05/2026 |
29/05/2026 |
Final |
5.00¢ |
USX |
| 04/06/2026 |
19/06/2026 |
Q1 |
5.00¢ |
USX |
| 04/06/2026 |
19/06/2026 |
Special |
4.00¢ |
USX |
Total (Annual Dividends Per Share):
12.92p
(Using exchange rate on 17/06/2026
$ = £0.74660)
Dividend Yield =
Annual Dividends Per Share (12.92p)
÷ Share Price (477.5p)
= 2.7%
Seplat Energy DI Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 04/06/2026 |
19/06/2026 |
Q1 |
5.00¢ |
USX |
| 04/06/2026 |
19/06/2026 |
Special |
4.00¢ |
USX |
| 14/05/2026 |
29/05/2026 |
Special |
3.30¢ |
USX |
| 14/05/2026 |
29/05/2026 |
Final |
5.00¢ |
USX |
| 12/11/2025 |
28/11/2025 |
Q3 |
5.00¢ |
USX |
| 12/11/2025 |
28/11/2025 |
Special |
2.50¢ |
USX |
| 12/08/2025 |
28/08/2025 |
Q2 |
4.60¢ |
USX |
| 23/05/2025 |
06/06/2025 |
Q1 |
4.60¢ |
USX |
| 22/05/2025 |
06/06/2025 |
Q1 |
4.60¢ |
USX |
| 08/05/2025 |
23/05/2025 |
Special |
3.30¢ |
USX |
| 08/05/2025 |
23/05/2025 |
Final |
3.60¢ |
USX |
| 11/11/2024 |
27/11/2024 |
Q3 |
3.60¢ |
USX |
| 12/08/2024 |
28/08/2024 |
Q2 |
3.00¢ |
USX |
| 30/05/2024 |
14/06/2024 |
Q1 |
3.00¢ |
USX |
| 25/04/2024 |
29/05/2024 |
Special |
3.00¢ |
USX |
| 25/04/2024 |
29/05/2024 |
Final |
3.00¢ |
USX |
| 09/11/2023 |
24/11/2023 |
Q3 |
3.00¢ |
USX |
| 16/08/2023 |
30/08/2023 |
Q2 |
3.00¢ |
USX |
| 17/05/2023 |
16/06/2023 |
Q1 |
3.00¢ |
USX |
| 17/04/2023 |
16/05/2023 |
Special |
5.00¢ |
USX |
| 17/04/2023 |
16/05/2023 |
Final |
2.50¢ |
USX |
| 09/11/2022 |
06/12/2022 |
Q3 |
2.50¢ |
USX |
| 11/08/2022 |
09/09/2022 |
Q2 |
2.50¢ |
USX |
| 27/05/2022 |
24/06/2022 |
Q1 |
2.50¢ |
USX |
| 29/04/2022 |
25/05/2022 |
Q4 |
2.50¢ |
USX |
| 12/11/2021 |
09/12/2021 |
Q3 |
2.50¢ |
USX |
| 11/08/2021 |
13/09/2021 |
Q2 |
2.50¢ |
USX |
| 25/05/2021 |
10/06/2021 |
Q1 |
2.50¢ |
USX |
| 30/04/2021 |
28/05/2021 |
Final |
5.00¢ |
USX |
| 12/11/2020 |
07/12/2020 |
Interim |
5.00¢ |
USX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
|
3.000 |
3.000 |
USX |
15.600 |
-5.450 |
| 2023 |
|
2.500 |
5.000 |
USX |
16.500 |
65.000 |
| 2022 |
|
|
|
USX |
10.000 |
-20.000 |
| 2021 |
|
5.000 |
|
USX |
12.500 |
150.000 |
| 2020 |
5.000 |
|
|
USX |
5.000 |
|
Seplat Energy DI Dividend Calculator
Seplat Energy DI Dividend Growth
| Dividend Growth (1Y) |
59.99%
|
| Dividend CAGR (5Y) |
19.17%
|
| Years of Growth |
1
|
| Payout Ratio |
80.71%
|
| Buyback Yield |
-1.3%
|
| Shareholder Yield |
2.86%
|
| P/E Ratio (TTM) | 23.79 |
|---|
| Forward P/E | 11.47 |
|---|
| P/FCF | 4.52 |
|---|
| Earnings Yield | 4.18% |
|---|
| FCF Yield | 22.12% |
|---|
| ROE | 9.31% |
|---|
| ROCE | 12.45% |
|---|
| Profit Margin | 6.3% |
|---|
| Operating Margin | 21.81% |
|---|
| Gross Margin | 32.85% |
|---|