A N1.6 billion loss recorded by Seplat Petroleum Plc in the nine-month period which ended September 30, 2017 has been erased following improved earnings recorded by the firm one year later.
On Tuesday, Seplat announced profit after tax of N28 billion in its unaudited financial statements for the nine months period ended 30 September 2018, on the back of improved oil and gas revenues.
Pre-tax profits soared to N65.1 billion from a loss before tax of N760 million in September 2017 as revenue from its contract with customers shot up 103.9 percent to N173.7m from N85.2 billion in the nine months period.
Revenues from crude oil sales within the review period increased 97 percent to N134.8 billion from N68.5 billion, while gas sales jumped 48 percent to N38.9 billion from N26.3 billion.
Austin Avuru, Seplat’s CEO in his comments on the results said: “Seplat has continued to deliver on its production targets which, combined with an oil price tailwind, has resulted in yet another consecutive quarter of very strong financial performance and profitability.”
Seplat, which also declared an interim dividend of N8.99 billion representing N15.29 per share as against none paid within the same period last year, revealed that its nine-month working interest production came to 50,834 barrels of oil equivalent per day, which was within the firm’s guided range for the full year for between 48,000 to 55,000.
Looking forward, Avuru added: “We plan to build on this performance in the coming quarters as we step up organic development activities across our existing portfolio with headroom to also capitalise on inorganic growth opportunities as and when they may arise, in line with our price disciplined approach.”
As at close of business Tuesday Seplat shares, however, lost 4.56 percent to close at N615.50 from a previous closing price of N644.90 as investors bought and sold 36,201 units of the shares worth N22.9 million in 32 deals.
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