Seplat exits losses with N6.2 billion net profir for Q1

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Business has finally taken a positive turn for Seplat Petroleum Development Company Plc as the company has just reported a profit for the first quarter of the year.

Seplat said in the Q1 disclosure that it made a net profit of N6.2 billion compared to N5.8 billion in the previous year.

Total revenue for the period rose to N55.2 billion compared to N14.4 billion reported in 2017.

Commenting on the results Austin Avuru, Seplat’s Chief Executive Officer, said: “We have made a good start to 2018. Our core production base remains strong and predictable, the gas business has once again set a new record for quarterly revenue contribution and the steps we took to refinance the balance sheet have significantly strengthened our liquidity position and will allow investments to be scaled up. Our debut bond issuance marks another key milestone for the Company, widening our long term capital base in support of our growth strategy while also reducing overall borrrowing costs.”

He added that Looking ahead we will return to drilling in the second half of the year as we re-focus our efforts on the numerous high-margin and short-cycle cash return opportunities we have in our portfolio. I am also pleased to report that our strong operational and financial performance has resulted in the Board taking the decision to reinstate the dividend for our shareholders. With our capital structure reset and robust free cash flow generation underpinning the business we also have the headroom to capitalise on inorganic growth opportunities as and when they may arise, in line with our price disciplined approach”.

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