Seplat Petroleum’s Q2 profit increases by 152.6%

Seplat Petroleum Development Company Plc has released its half-year 2019 result. According to the result, the company recorded a 152.6% increase in its Profit After Tax (PAT). Below are more details.

Revenue: Seplat Petroleum’s revenue increased by 4% to N109 billion in Q2 2019, up from N105 billion. Interestingly, the company’s cost of sales decreased to N45.4 billion in Q2, down from N51.4 billion during the comparable period of 2018.

Profit Before Tax: Profit before tax stood at N36.9 billion as against N37 billion in Q2 2018. However, the company only paid N437 million in taxes as against N22.2 billion in Q2 2018.

Profit After Tax: Paying less tax meant that Seplat Petroleum was able to witness an increase in its Profit After Tax which rose to N37.5 billion as against N14.8 billion in Q2 2018. This explains the 152.6 percentage increase mentioned earlier.

Earnings Per Share: Basic earnings per share stood at N65.92 while diluted earnings per share stood at N64.01.

Seplat Petroleum is an oil exploration company. Its shares are currently trading at N490 on the Nigerian Stock Exchange.

Source: Nairametrics

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