Seplat Petroleum Development Company (Seplat) Plc has declared a revenue growth of 103 per cent in its third quarter for the period ended September 30, 2018.
The company listed both on the NSE and London Stock Exchange, yesterday released its results yesterday to the investing public on the NSE showed that revenue jumped from N85.19 billion in third quarter, 2017 to N173.71 billion in third quarter, 2018.
Also, the company declared an interim dividend of $0.05 to shareholders whose names appear in the Register of Members as at the close of business on November 13, 2018. The company stated that the exchange rate for the naira or pounds sterling amounts payable will be determined by reference to the relevant exchange rates applicable to the US dollar on November 13, 2018.
Cost of sales rose to N173.71 billion as against N85.19 billion, resulting to a gross profit of N80.2 billion from N38.08 billion in Q3, 2017.
Also, profit after tax went up to N27.9 billion, compared to a loss of N1.6 billion in 2017, while earnings per share stood at N47.98 compared to a loss per share of N2.88 made in Q3, 2017.
Operating profit appreciated to N80.76 billion from N16.28 billion, finance income amounted to N2.05 billion from N483 million, while finance costs stood at N17.76 billion from N17.521 billion in Q3, 2017.
Total asset declined to N774.773 billion from N799.553 billion as at December 31, 2017.
Speaking on the results chief executive officer of Seplat, Austin Avuru, 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.”
Avuru added that with the current business generating significant free cash flow and combined with the company’s robust balance sheet.
He stated that the company plan to build on this performance in the coming quarters as it step up organic development activities across its existing portfolio with headroom to also capitalise on inorganic growth opportunities as and when may arise, in line with its price disciplined approach.
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