Seplat second quarter earnings drops

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SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC LOGO.

Seplat Petroleum Development Company Limited has witnessed another drop in its top and bottom line figure for the second quarter ended June 30, 2015.

According to the half year result released to the market, profit after tax went down from N24,225 billion to N8,169 billion in 2015. Earnings per share also drop from 43.78 kobo to 14.76 kobo for the period ended June 30, 2015.

Revenue dropped from N60,294 billion in 2014 to N48,761 billion in 2015, while the company finance charges went up from N3,362 billion in 2014 to N7,925 in 2015. However, industry watchers are of the view that the current poor performance can be attributed to drop in oil prices.

With the unstable price of oil in the global market, Seplat is currently leveraging on government policy on gas commercialisation as a key strategy to improve on its earnings.

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