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COVERNEWSLETTEROIL & GAS

Seplat Posts 35% Drop In Profit for Q1 2016

Seplat Petroleum Development Company Plc has declared its first quarter result for the period ended March 31, 2016, showing that its revenue declined by 35 per cent to N16.59 billion from N25.56 billion.

Profit before tax also dipped by 161.7 per cent from N4.83 billion to a loss before tax of N2.98 billion.

The company attributed its decline profitability for the financial year ended December 31, 2015 and first quarter ended March, 2016 to the low oil price in the international market.

The chief executive office of Seplat,Austin Avuru made this known at the Company facts behind the figures on the Nigerian Stock Exchange, NSE, on Monday, May 16, in Lagos.

Also, for the year ended December 2015, its gross revenue stood at N112.86 billion ($570 million), down 26 per cent year-on-year, while net profit for 2015 stood at N13.27 billion ($67 million) and cash flow from operations before movements in working capital stood at N37.62 billion ($190 million) against capital investments of N301 billion ($152 million).

The board of directors of Seplat is recommending a final dividend of N7.92 ($0.04) per share, bringing the total dividend payment for 2015 to N15.84 ($0.08) per share.

 

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