Seplat to Release 2020 Half-Year Results July 29

By Dipo Olowookere

One of the big players in the nation’s oil and gas sector, Seplat Petroleum Development Company Plc, has promised to release it 2020 half-year results on Wednesday, July 29, 2020.

The energy firm, in a statement on Monday, said it will also engage investors and analysts next week as soon as the financial statements are submitted to the Nigerian Stock Exchange (NSE).

“Seplat Petroleum Development Company Plc, a leading Nigerian energy company listed on the Nigerian Stock Exchange and the London Stock Exchange, will issue its half-year 2020 financial results on Wednesday, July 29, 2020.

“At 09:00am (London/Lagos) on Wednesday, July 29, 2020, the executive management team will host a

conference call and webcast to present the company’s results,” the statement said.

Business Post gathered that the executive management team of Seplat to speak at the gathering are Mr Austin Avuru, the CEO of Seplat, Mr Roger Brown, the CFO, and Effiong Okon, the Executive Director in charge of Operations.

In the first quarter of 2020, Seplat reported a loss of $105.8 million in contrast to the profit before tax of $35.8 million in the corresponding Q1 2019.

The loss, according to the firm, was mainly driven by a $145.5 million impairment loss during the period, compared with the same period of last year, where there was a gain of $14 million charged on its oil and gas assets.

Also, the first three months of this year, the company’s gross profit fell by 59 per cent to $33.1 million from $81.4 million in Q1 2019 just as revenue also declined by 18.2 per cent from $159.5 million in the first quarter of 2019 to $130.5 million in Q1 2020.