Indigenous oil firm, Seplat Petroleum Development Company Plc has reported a drop of N27 billion profit after tax in its full year 2015 financial results released to the Nigerian Stock Exchange in Lagos last week.
According to the results, profit after tax dipped from N40 billion it made in 2014 to end 2015 at N13 billion.
Also, its profit before tax went down by N23 billion represented 57.50 per cent to close the year with N17 billion from N40 billion in 2014,
Seplat Petroleum revenue slid by N11 billion in 2015, translated to 8.87 per cent from N124 billion it made in 2014 to end 2015 financial year with N113 billion.
Its gross profit went down from N74 billion to N49 billion in 2015, which is N25 billion or 33.78 per cent drop.
Earnings per share of oil and gas firm also dropped by 75 per cent from 0.08 kobo in 2014 to 0.02 at the end of December 31, 2015.
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Seplat Posts N27billion Profit Decline https://t.co/OQOGWxE3Hs https://t.co/6SOGJd9K6H