Seplat’s nine month profit jumps 144% to thirty four billion naira amid oil price boom

Written by on October 27, 2022

Nigeria’s biggest quoted oil and gas company Seplat Energy earlier today posted a net profit of over thirty four billion naira for the year to September, 144 percent stronger than the figure reported a year ago in a period during which crude prices averaged one hundred and eight point three dollars.

Yet, the quarter from July through September was a kick in the teeth for Seplat, given that turnover shrunk by 36.5 per cent as operations took a battering from damage and theft in a period CEO Roger Brown described as “unusually challenging.”

Cost of sales for the nine months under review rose to 12.5 per cent to 140.2 billion naira, while general and administrative expenses soared by more than a half to 33.2 billion naira.

Meanwhile, Seplat is listed on the Nigerian Exchange and also on the London Exchange.


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