By Modupe Gbadeyanka
On Monday, July 30, 2018, Seplat Petroleum Development Company released its financial results for the period ended June 30, 2018 to the Nigerian Stock Exchange (NSE).
During the period, the company grew its revenue to N104.8 billion from N40.3 billion.
It was revealed that the finance income increased by 393 percent to N1.3 billion from N270 million, while the other income was N8.5 billion.
Seplat said its cost of sales in the first half of this year went up to N51.5 billion from N23.9 billion, while the administrative expenses rose by 6 percent to N11.8 billion from N11.1 billion.
In the period under review, the gross profit jumped by 225 percent from N16.4 billion to N53.3 billion, while the operating profit skyrocketed by 2,087 percent to N48.4 billion from N2.2 billion.
Also, the profit before tax increased by 276 percent in the period under review to N37.1 billion from the N8 billion loss in the same period last year, while the profit after tax rose by 276 percent to N14.8 billion from the N8.4 billion loss 12 months ago.
An analysis of the balance sheet of Seplat by Business Post showed that the total assets closed at N756.1 billion from N676.9 billion, while the total liabilities stood at N290.6 billion as at June 30, 2018 against N307.1 billion as at June 30, 2017, with the shareholders’ fund closing at N465.5 billion in contrast to N369.8 billion exactly a year ago.
In the results, Seplat said its earnings per share (EPS) stood at N25.23k in H1 2018 versus -N14.97k in H1 2017.
In addition, the return on assets stood at 0.020 percent, while the return on equity ended at 3.19 percent.
Adedapo Adesanya