Seplat Records $746m FY2018 Revenue, Offers $0.05 Dividend
Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company, listed on both the Nigerian Stock Exchange and London Stock Exchange, has announced its full year 2018 financial results and provides an operational update.
The company reported that the net profit for the year ended December 31, 2018 stood at N44.867 billion lower than N81.111 billion declared in 2017, representing a drop of 44.68 per cent.
The decline seen during the period was as a result of income tax expenses of N35.7 billion, while in 2017, the company reported tax credit of N67.65 billion.
Meanwhile, the Board of Seplat recommended a final dividend of $0.05 per share.
The company’s revenue grew by 65 per cent to N228.39 billion from N138.28 billion, cost of sales went up by N108.64 billion as against N73.41 billion, resulting into gross profit growth of 84 per cent to N119.75 billion from N64.867 billion in the corresponding period of 2017.
Operating profit stood at N310 billion higher than N112 billion, representing a growth of 177 per cent, while earnings per share depreciated from N143.96 to N79.04.
Total assets of the company stood at N775.656 billion lower than N799.553 billion recorded in 2017, while total shareholders’ equity went up to N491.808 billion from N459.646 billion in 2017.
Austin Avuru, Chief Executive Officer of the company, said Seplat has delivered an excellent operational and financial performance resulting in robust profitability and cash flow generation providing us with an extremely solid foundation for growth in the coming years.
According to Avuru, at our core assets in the West, OMLs 4, 38 and 41, the extension of the license to 2038 means that we can confidently plan and invest long into the future to realise the full potential of those blocks.
“As we continue to enhance production and revenue diversification with new wells scheduled at OML 53 in the East, the board took the final investment decision to invest in the large scale ANOH gas and condensate development which will form the next phase of transformational growth for our gas business.”
SOURCE: oglinks.news
