Seplat Records 278.7% Net Profit Growth, EPS Rises To N143.96
Directors of Seplat Petroleum Development Company Plc, on Wednesday gave investors reasons to cheer, as all of its major indicators for the year ended December 31, 2017 were green, with 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 N74.897bn or 118.16% from N63.384bn in 2016 to N138.281bn; while cost of sales jumped 55.95% up to N73.314bn, as against N47.076bn in the preceding full year; leaving a gross profit of N64.867bn, which was 297.76% better than the N16.308bn reported the year before. General and administrative expenses for the year however dropped by 16.55% from N30bn to N25.037bn; just as net gains on foreign exchange stood at N209m, as against the previous N28.684bn loss. Fair value loss for the period rose from N2.782bn...