Seplat swings back to profit at half-year as turnover tops N120 billion

Seplat Energy PLC Thursday declared a rebound from loss to profit in its half-year financials, highlighting a rise by half in revenue to N120.4 billion as the redeeming force for the oil and gas firm after a period marked by record oil crash and a pandemic outbreak.

Although the boost to revenue was considerable and timely, Seplat realised N4 of every N5 sales it made from crude oil, with the rest contributed by gas, which underscores a steep imbalance between the two income sources.

Nigeria’s biggest oil company by market capitalisation, simultaneously listed in Lagos and London, took its new name in preference for Seplat Petroleum Development Company PLC it was known by until last month to reflect the fast-increasing shift of the global energy industry from hydrocarbons to cleaner energy.

In the spirit of that transition, the oil driller has disclosed its plan to raise gas’ contribution to revenue to 50 per cent by 2026.

“Gas will be the baseload which will launch the spring board into renewable energy and renewable energy must be part of Nigeria’s future,” CEO Roger Brown told Bloomberg this month.

Roger Brown, Seplat's CEO
Roger Brown, Seplat’s CEO

Other incomes came to N25.658 billion jumping from N17.622 billion, according to the earnings reported published by the Nigerian Exchange Group, seen by PREMIUM TIMES.

Profit for the period stood at N14.118 billion in contrast to the N37.782 billion loss incurred in the corresponding period of last year.

Seplat’s shares were quoted at N770 per unit in Lagos at 11:20 WAT on Wednesday, yet to see any movement, and in London at 11:20 BST, trading at £98.40 and up by 0.41 per cent.

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