Seplat says in a separate document seen by PREMIUM TIMES it will pay an interim dividend of US2.5 cents per share to stockholders.
Nigeria’s biggest quoted oil and gas company Seplat Energy Thursday posted a net profit of N34 billion for the year to September, 144 per cent stronger than the figure reported a year ago in a period during which crude prices averaged $108.3.
Yet, the quarter from July through September was a kick in the teeth for Seplat, given that turnover shrivelled 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 rose 12.5 per cent to N140.2 billion, while general and administrative expenses soared by more than a half to N33.2 billion.
Profit before tax for the review period scaled up to N77.5 billion, 101 per cent higher than a year earlier. Net profit improved by 143.7 per cent, standing at N33.9 billion.