Seplat Plc released its 2015 Q2 results showing a pre-tax profits before tax and exceptional items of N792 million representing an 83% drop from a quarter ago.
2015 Q1 vs Q2
- Revenue dropped 9.2% to N23.1 billion compared to the same period last quarter.
- This was also second straight quarterly drop in revenue since June 2014
- Whilst the revenue drop had a negative effect on bottom line cost of sale had a more devastating effect.
- Seplat saw it cost of sale rise 40% to N15.9 billion slicing off about 69% of revenue compared to 45% same period last quarter.
- Finance cost however dropped 27% to N2.4billion but was not enough to stop pre-tax profits from dropping 83%.
- Seplat however got some boost after it booked gains from asset sale of about N2.5 billion.
- The sale help boost profit after tax to about N3.3 billion. However, this was still 32% short of the N4.8 billion reported in the first quarter of the year where it did not book any asset sale.
- Seplat also reported a 16% decrease in its cash this quarter spending about N16.6 billion in reducing its loans, paying dividends and investing in new assets
|Seplat||2015 Q2||2015 Q1||%age Change|
|Cost of Sale||(15,982.00)||(11,386.00)||40.4%|
|S,G & A||(4,443.00)||(5,550.00)||-19.9%|
|Net Finance Cost||(2,434.00)||(3,348.00)||-27.3%|
|Profit Before Tax||792.00||4,826.00||-83.6%|
|Profit after Tax||3,299.00||4,870.00||-32.3%|
|Tax as a %age of Profits||0.00||(0.01)|
|Earnings per share (N)||5.96||8.80||-32.3%|
|Debt to Equity Ratio||172.2%||84.9%||102.8%|
|Gross Profit Margin||31.1%||55.5%||-43.9%|
|Operating Profit Margin||12.0%||33.7%||-64.6%|
|SGA as a %age of Gross Profit||61.6%||39.2%||57.2%|
|Interest as a percentage of Operating Profit||87.7%||38.8%||126.1%|