Uche Usim, Abuja
Seplat Petroleum Development Company Plc has recorded a growth of 15 per cent in its half-year profit before deferred tax. Its unaudited consolidated half-yearly financial results, made available to the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE) on Tuesday, shows that Seplat reported a profit before deferred tax of $121million (N37billion) from $105m N32billion) reported in the first half of 2018. The company’s revenue for the period also appreciated by four per cent to $355million (N109billion), which is higher than the 2018 half-year figure of $343 million (N105billion). On a similar note, the oil firm’s gross profit rose by 19 per cent to $207million (N64 billion) from $174million (N53billion) reported in 2018 half-year.
Operating cash flow hit $255million from $245 millio, indicating a four per cent appreciation year-on-year. Commenting on the company’s financial performance for the period, the Chief Executive Officer, Seplat Petroleum Development Company, Mr. Austin Avuru, said: “Today’s results further emphasise the strong cash generation potential of our low-cost production base and the good progress we are making at the large scale Assa North/Ohaji South (ANOH) gas and condensate development project.
“Our H1 work programme has been impacted owing to unforeseen delays from rig contractors as well as the need to undertake higher levels of maintenance and asset integrity work for longer-term benefit of the assets. Both have affected production during the H1 but we have now secured the necessary rig capacity for the second half to implement the revised work programme which will drive us towards an 2019 exit working interest production rate of 62,000 barrels of oil equivalent per day (boepd) and bring annualised production within the unchanged guidance range of 49,000 to 55,000 boepd.