• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Seplat Petroleum records loss of $105.8 million in Q1 2020

Olumide Adesina by Olumide Adesina
April 29, 2020
in Business News, Company News, Company Results
Seplat, stakeholders call for collaboration on Customer Protection Act, Seplat Petroleum announces closed period, as directors meet on March 19th, Seplat Petroleum announces a final dividend of at $0.05 per ordinary share, Seplat Petroleum donates items for management of COVID-19 to Edo, Defiant Seplat books N49.b loss as crude oil prices forces new strategy 

CEO, Seplat Petroleum Development Company, Austin Avuru

Share on FacebookShare on TwitterShare on Linkedin

Seplat Petroleum Development Company Plc has released its financial statement for the first quarter (Q1) ended March 31, 2020. Its revenue declined from $159.5 million in the first quarter of 2019 to $130.5 million in Q1 2020. This marks a drop of 18.2%.

The Gross profit for the company also dropped from $81.4 million in Q1 2019 to $33.1 million is at the end of Q1 2020. This marks a plunge of 59.3%. Profit before deferred Tax / Loss stood at ($105.8 million) Q1 2020, from profit before deferred tax of $35.8 million in Q1 2019, representing a downturn of 395.5%.

Chief Executive Officer, Austin Avuru, said, “Against the twin crises of significantly reduced oil demand and the price war, Seplat continues to demonstrate its resilience because of its ongoing philosophy of prudent financial management, the careful mitigation of risk and a keen focus on managing factors of the business that are within our control.

RelatedStories

Banks, Nigeria's tier-1 banks, FUGAZ Banks, loans, loan

Nigeria’s tier-1 banks pay N29.8 billion worth of taxes in Q1 2020

June 19, 2020
International Breweries Plc

International Breweries: Cost inefficiences weigh on operating performance as financial leverage improves

April 30, 2020

“We have the benefit of long-term contracted gas revenues that are insulated from oil market volatility. We are achieving substantial cost reductions from our suppliers and managing our own costs even more carefully in this unprecedented and challenging period. We are in constant dialogue with partners on monies owed and are pleased to report that our cash flow remains robust and we have significant cash in reserve. This, coupled with the majority of our debt repayment obligations extending beyond 2021, gives us confidence that we can continue to operate comfortably within the covenants on all lines of debt.”

To assist with the COVID-19 pandemic, Avuru added that the company has provided medical and food donations as part of its ongoing commitment to local and state communities, and “We will continue to do whatever we can to support those upon whom we depend for our business. The challenges before us remain significant, but through our extensive scenario planning, we are confident that the resilience and discipline of our business will help us through this unprecedented time and strengthen our position as Nigeria’s leading independent oil and gas producer.”

In view of the current COVID-19 pandemic, Seplat obtained approval from the Nigeria Corporate Affairs Commission to hold its AGM on 28th May 2020 by proxy only.

About Seplat Petroleum Development Company: It is a Nigeria-based company engaged in oil and gas exploration and production. The company’s segment is the exploration, development and production of oil and gas-related projects located in Nigeria. Its portfolio consists of approximately six blocks in the Niger Delta, including oil mining lease (OML) 4, OML 38, OML 41, OPL 283, OML 53 and OML 55.


Follow us for Breaking News and Market Intelligence.
Tags: Q1 2020 Financial StatementsSeplat Nigeria
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

Related Posts

Banks, Nigeria's tier-1 banks, FUGAZ Banks, loans, loan
Financial Services

Nigeria’s tier-1 banks pay N29.8 billion worth of taxes in Q1 2020

June 19, 2020
International Breweries Plc
Business News

International Breweries: Cost inefficiences weigh on operating performance as financial leverage improves

April 30, 2020
Zenith Bank GMD and CEO Mr. Ebenezer Onyeagwu, Zenith Bank: No major threat to earnings in the near term; Buy recommendation maintained
Company Results

Zenith Bank’s Profit Before Tax Rises by 3% to N58.7 billion in Q1 2020

April 30, 2020
Union Bank 
Business News

Union Bank releases Q1 2020 result, records 14% profit increase

April 29, 2020
FBN holdings plc, First Bank
Business News

Earnings commentary on FBN Holding Plc’s unaudited Q1 2020 financial statement

April 29, 2020
Governor Fayemi explores investment options with the capital market, Nigerian Stock Exchange, Top 10 stockbrokers trade N120.4 billion worth of stocks in November , Law Union & Rock Insurance Plc Announces Notice of Board Meeting and Closed Period, NSE Hosts First Virtual Automated Trading System (ATS) Broker Certification Training Programme, Steroids from GTBANK, ZENITH Lift Nigerian bourse, as investors gain N94.2 billion, Nigerian bourse close flat, triggered by low market liquidity, Industrial index down by 5.7%, as shares of BUA, Lafarge, Dangote, others decline on NSE
Business News

Law Union & Rock Insurance Plc announces notice of board meeting, closed period

April 28, 2020
Next Post
Banking crisis imminent over debt by independent oil producers, Crude oil prices up 32% though report still paints gloomy picture Crude oil prices up 32% though report still paints gloomy picture, Hope for Higher Oil Prices., Nigeria’s oil crisis compounded as India’s fuel demand crash by 60% , Nigeria’s Bonny light hits $25 dollars, Saudi pledges more oil cuts 

Crude oil price up 32%, as report paints gloomy picture

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • NDLEA intercepts $17.7 million in counterfeit travelers’ cheques, arrests suspects 
  • Weekly Market Wrap: Insurance, Consumer goods sectors shine as All-Share Index gains 0.83% 
  • Limitless Without Borders 3.0 in London: Rukayat Alabi marks record-breaking success, igniting a new era of inclusive innovation and entrepreneurial empowerment 

Follow us on social media:

Recent News

NDLEA: 13.6% of Lagos secondary students have tried drugs, 6.9% are active users  

NDLEA intercepts $17.7 million in counterfeit travelers’ cheques, arrests suspects 

July 6, 2025
Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%

Weekly Market Wrap: Insurance, Consumer goods sectors shine as All-Share Index gains 0.83% 

July 6, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics