Chisaa Okoye

Seplat Petroleum Development Company Plc has released

its unaudited results for the third quarter ended September 30, 2020, to the Nigerian and London Stock Exchanges.

The financial highlights showed that revenue for the period was $387.8 million (N135.6bn), down 21.6per cent from the $494.8 million (N152bn) achieved in 2019. The oil firm blamed its woes on lower oil prices.

Gross profit plunged to $90.6 million (N31.7bn) down 65.8per cent from $264.7 million (N81.2bn) recorded in the prior quarter.

According to the financial highlights, the loss before tax adjustments for the nine months period was $130.1 million when compared to the $120.4 million profit before tax achieved in the corresponding period in 2019.

“The net loss for the period was $96.3 million as against $184.6 million net profit posted in the third quarter of 2019. The resultant basic loss per share was $0.17 as against $0.32 earnings per share in the prior quarter of 2019.

The results also showed IAS 36 COVID-19 impact assessment and IFRS 9 non-cash impairment provision of $180 million; provision reverses operating profit of $100 million to operating loss of $79 million; and Nigerian Petroleum Development Company (NPDC) receivables further reduced to $152 million the company explained.

However, the Board has approved an interim dividend of $0.05 per share to be paid to its shareholders.

Roger Brown assumed office as the Chief Executive Officer (CEO) of Seplat on August 1, 2020 following the retirement of Austin Avuru on July 31, 2020.