Seplat grows full-year profit by 89.5% to N85.016bn

Lagos-based upstream exploration and production company, Seplat Petroleum Development Company Plc, Monday reported an 89.5% leap in profit for Full Year 2019 compared to the relative period of 2018.

The comprehensive account of the oil and gas firm’s financial performance is detailed in its Annual Report and Accounts 2019, published on the company’s website this morning.

Revenue dipped by 6.23%, moving from N228.391 billion at FY2018 to N214.157 billion.

Profit Before Taxation rose from N80.599 billion at FY2018 to N89.914 billion, translating to an 11.6% growth.

Profit for the Period expanded by 89.5% to N85.016 billion from N44.867 billion in the corresponding period of 2018.

Basic Earnings Per Share (EPS) appreciated by 89.2% from N78.92 to N149.35.

The significant improvement in Seplat’s earnings mostly resulted from cuts in Income Tax spending from N35.748 billion to N8.939 billion, Cost of Sales from N108.641 billion to N92.698 billion, General and Administrative Expenses from N24.4 billion to N21.675 billion, and Finance Cost from N17.292 billion to N10.294 billion in between the periods.

Also contributing to the increase in earnings was a rise in Profit from Discontinued Operations from N16 million to N4.041 billion.

Total Shareholders’ Equity climbed from N491.472 billion to N553.808 billion, translating to a 12.7% increase.

Read also: Polaris Bank posts N27.8bn profit in 2019

The firm had in March announced a final dividend proposal of $0.05 per share bringing its total dividend for FY2019 to $0.10 per share.

Dual listed on the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), Seplat expanded its operations to Scotland last December when it completed the takeover of Aberdeen-based Eland Oil and Gas Plc in a deal said to be worth £382 million.

With outstanding shares of around 588.445 million, Seplat’s Price to Earnings (PE) ratio is 2.48. Its dividend yield is 8.44%.

Seplat currently trades on the NSE and LSE at N494.4 and £5.40 per share respectively.

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