By John Ikani
Seplat Energy Plc has entered the prestigious league of stocks worth over one trillion naira (SWOOTs), as its market capitalization surged past the N1 trillion mark.
The achievement comes on the heels of a remarkable increase in its share price, now standing at N1837 per share, resulting in a market value of N1.08 trillion.
With the feat, Seplat became the eighth member of the exclusive SWOOTs club, alongside the likes of Airtel Africa, MTN Nigeria, Dangote Cement, BUA Foods, BUA Cement, Zenith Bank, and GTCO.
Seplat’s notable rally can be attributed, in part, to the favorable economic policies introduced by President Tinubu’s Administration.
The removal of fuel subsidies and the unification of exchange rates have positively impacted the Oil and Gas Sector, fostering increased investor confidence in the markets.
The surge in confidence has propelled Nigerian equities to reach record-breaking heights, exemplified by the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX), which recently achieved an unprecedented 66,490.34 points.
Seplat Energy Plc, listed on both the Nigerian Exchange Limited and the London Stock Exchange, has also announced its unaudited results for the first half of 2023, showcasing a 3.8% increase in revenue, rising from N219.2 billion to N278.3 billion year-on-year.
The company declared a Q2 2023 dividend of US 3 cents per share, aligning with its higher core annual dividend of US 12 cents.
Furthermore, Seplat has expanded its 2023 H1 gross profit to N140.6 billion from N114.1 billion year-on-year.
It is worth noting that the NGX All-Share Index and Market Capitalization experienced a 3.00% uptick, concluding the week at 67,527.19 points and N36.958 trillion, respectively.
The SWOOTs collectively command a market valuation exceeding N27 trillion, constituting more than 66% of the entire NGX, thus exerting a significant influence on the exchange’s growth trajectory.