Seplat Energy Grows PBT by 197.8% to N34.7bn

29 Apr Seplat Energy Grows PBT by 197.8% to N34.7bn

Nigerian indigenous energy producer Seplat Energy Plc  has announced its unaudited results for the three months ended 31 March 2022, showing a rise in profit before tax by 197.8 per cent to N34.7bn from N10.6bn year-on-year. The company also generated cash from its operations to the tune of N74.4bn from N1.7bn year-on-year, rising by 197.8 per cent.

The energy company also grew its revenue by 58.6 per cent to N100.6bn from N57.9bn year-on-year; as its gross profit soars to N48.8bn from N20.1bn year-on-year, rising by 122.3 per cent.

Commenting on the results, the Chief Executive Officer of Seplat Energy Plc, Mr. Roger Brown, said: “Seplat Energy delivered a good quarter that benefited from higher oil pricing, which offset lower production owing to continuing problems with the Trans Forcados Pipeline.

“However, the alternative Amukpe-Escravos Pipeline is mechanically complete and once we have signed the commercial agreements, we expect Chevron to be lifting our oil through the Escravos Terminal in the third quarter.

“Our proposed acquisition of MPNU remains on course. We are awaiting the necessary approvals from government and regulators and expect the transaction to complete in the second half of this year,” Brown added.