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Home Business News

Seplat’s 9 months revenue dips by 11.5% according to latest earnings report  

Emmanuel Abara Benson by Emmanuel Abara Benson
October 29, 2019
in Business News, Company News, Company Results
Seplat commences $700 million gas plant construction, Vitol Energy transfers 4.63 million shares to Seplat , Seplat, Three more companies announce their closed period ahead of Q3 financial result , Seplat’s 9 months revenue dips by 11.5% according to latest earnings report, Earnings quality undermined by missed output, oil shocks, Firm issues warning over Seplat Petroleum’s acquisition of Eland Oil & Gas 
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Nigeria’s leading oil exploration company, Seplat Petroleum Development Company Plc, has disclosed its consolidated financial statements for the nine months ended September 30th, 2019. The company reported an increase in profit for the period despite a slight decline in its revenue. See the breakdown below.

Revenue: During the period under consideration, the company’s revenue from contracts with customers stood at N151.8 billion as against N173.7 billion during the comparable period last year, thereby marking a 12.5% reduction.

[READ MORE: Ecobank’s unaudited 9 months’ financial report shows 4% profit growth]

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Meanwhile, there was an 11.9% reduction in the company’s cost of sales which stood at N70.7 billion, compared to N80.2 billion as at September last year. In the same vein, administrative expenses reduced slightly by 0.6% to N16.7 billion as against N16.8 in September last year.

Profit Before Taxation: The oil explorer’s profit before tax for the period was N56.7 billion, marking a 12.8% decrease when compared to N65 billion PBT reported by the company for the nine months period ended September 2018.

PAT: Seplat’s profit for the period is N56.6 billion as against N27.9 billion during the comparable period last year. Note that the company paid less tax during the first nine months of the year and this is responsible for its high profit after tax.

While reacting to the nine months financial performance, the company’s Chief Executive Officer, Austin Avuru, said the following:

“2019 so far has seen us make significant progress towards furthering our ambitious growth strategy. While our production and financial performance has dipped in Q3 as a result of slippage to our drilling programme and weaker pricing, the core business remains highly cash generative and with four rigs now operational in the field we expect to quickly regain momentum. This is reflected in our decision to declare an interim dividend of US$29 million.”

[READ ALSO: FBN Holdings releases 9 months 2019 Results, PBT increased by 17% to N60 billion]

Note that the company’s earnings per share attributable to shareholders is as follows: N97.88 (basic) and N94.66 (diluted).

You may download the full report here.


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Tags: On the MoneySeplat Petroleum Development Company PlcSeplat’s 9 months revenueSeplat’s financial result
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

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