Seplat Petroleum Development Company Plc on Wednesday released its audited financial statement for the period ended December 31, 2017 with an improvement compared to what was recorded same period in 2016. For instance, the company profit after tax growing significantly faster than revenue for the period, leaving a robust N143.96 Earnings Per Share (EPS), compared with the N79.73 loss in the corresponding period of 2016.
According to the result presented to the Nigerian Stock Exchange (NSE), the company’s revenue grew by N74.897 billion or 118.16 percent from N63.384 billion in 2016 to N138.281 billion; while cost of sales jumped 55.95 percent up to N73.314 billion, as against N47.076 billion in the preceding full year; leaving a gross profit of N64.867 billion, which was 297.76 percent better than the N16.308 billion reported the year before.
General and administrative expenses for the year however dropped by 16.55 percent from N30 billion to N25.037 billion; just as net gains on foreign exchange stood at N209 million, as against the previous N28.684 billion loss.
Fair value loss for the period rose from N2.782 billion to N5.663 billion; bringing operating profit to N34.376 billion, which was 176.48 percent better than the N44.949 billion loss in 2016. Finance income however dropped by 91.61 percent from N15.8 billion to just N1.326 billion; while finance costs ballooned to N22.248 billion from N18.27 billion.
Profit before tax stood at N13.454 billion, from the previous N47.419 billion loss; while a tax rebate of N67.657 billion, compared to the N2.035 billion in 2016, resulted in profit after tax of N81.111 billion; compared to the loss of N45.384 billion, representing a 278.72 percent growth. Net profit for the period translated to EPS of N143.96, compared to the N79.73; just as net profit margin stood at 58.66 percent, the highest so far, compared to a 71.6 percent contraction.
