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Seplat Petroleum Development Company Plc has given assurance to its stakeholders that it will grow production, drive increased shareholder yield and capital appreciation.
The Company, which reiterated its commitment to stronger growth in the oil and gas sector as it held its sixth annual general meeting in Lagos, posted N73 billion profit for the period ended, December 31st, 2018.
It also announced N228 billion revenue in its full year 2018. This is an increase of 65 per cent from the N137billion the company made in the 2017.
Its N73 billion profit before differed tax, represented a 480 per cent increase from N13 billion which it made over the same period in 2017.
Gross profit for the period grew by 84% to N120billion from N65billion reported in December 2017. Operating profit stood at N95billion, representing a growth of 177% over N34billion recorded in the corresponding period of December 2017.
Seplat’s net profit after however dipped by 45% from N81billion recorded as at December 2017 to N45 billion in December 2018.
In his address to shareholders, the Chairman, A.B.C. Orjiako, said the company’s 2018 operational and financial performance reflected the significantly higher year-on-year levels of production uptime at its core oil producing assets combined with a firmer, albeit still volatile, oil price and increased contribution from the company’s gas business.
“As you are aware, our results from the previous two years were characterised by the extended period of force majeure at the Forcados terminal from February 2016 to June 2017.
“As we enter 2019, our reliable production base, low unit cost of production and discretion over capital commitments will allow the business to remain highly free cash flow generative and profitable. In the absence of any major interruption or force majeure event, this will enable Seplat … Read More...