Investogist
No Result
View All Result
Friday, August 22, 2025
  • News
    • All
    • Africa
    • Nigeria
    • World
    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

    Onitsha River Port receives first container barge for 2025 season

    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    • Policies
    • Budgets
    • Economic Data
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

    Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

    UPDC REIT declare N0.16 dividend for 2022 Financial Year

    UPDC REIT announces ₦0.22 interim dividend for H1 2025

    Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

    Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

    Jaiz Bank Plc to double profit to N4.29bn in Q1 2024

    Jaiz Bank Plc rebrands for the future

    MTNN responds to alleged Tax indebtedness, “We make early payments”

    MTN Nigeria announces changes in leadership roles

    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    UBA Board of Directors approves Interim Dividend for H1 2025

    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

    Access Bank UK Limited launches Access Bank Malta Limited

    Access Holdings Plc to delay release of Half-Year financial results

    Industrial & Medical Gases Nigeria Plc to issue share bonus to shareholders

    Oando completes Tranche one of its Share Distribution Programme

    • Companies
    • Industry
    • Technology
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    SIAML Pension ETF 40 announces ₦12.44 interim Dividend

    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

    Nigerian Exchange – Stock Market report for the week ended 7th July, 2023

    The Nigerian Exchange records impressive performance in H1 2025

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies
Investogist
  • News
    • All
    • Africa
    • Nigeria
    • World
    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

    Onitsha River Port receives first container barge for 2025 season

    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    • Policies
    • Budgets
    • Economic Data
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

    Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

    UPDC REIT declare N0.16 dividend for 2022 Financial Year

    UPDC REIT announces ₦0.22 interim dividend for H1 2025

    Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

    Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

    Jaiz Bank Plc to double profit to N4.29bn in Q1 2024

    Jaiz Bank Plc rebrands for the future

    MTNN responds to alleged Tax indebtedness, “We make early payments”

    MTN Nigeria announces changes in leadership roles

    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    UBA Board of Directors approves Interim Dividend for H1 2025

    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

    Access Bank UK Limited launches Access Bank Malta Limited

    Access Holdings Plc to delay release of Half-Year financial results

    Industrial & Medical Gases Nigeria Plc to issue share bonus to shareholders

    Oando completes Tranche one of its Share Distribution Programme

    • Companies
    • Industry
    • Technology
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    SIAML Pension ETF 40 announces ₦12.44 interim Dividend

    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

    Nigerian Exchange – Stock Market report for the week ended 7th July, 2023

    The Nigerian Exchange records impressive performance in H1 2025

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Business

Seplat immersed in Deep Loss despite receiving over N12bn tax credit in H1 2020

Wednesday, 29 July 2020, 1:37 pm
in Business, Companies
0
Seplat gives notice of closed period on share dealings
Share Share Share Share Send as Email

Seplat Petroleum Development Company Plc on Wednesday released its unaudited results for the six months ended 30 June 2020 to the Nigerian Stock Exchange and the investing public.

The company revenue slumped by 34.2% to N80.106 billion in the first half of 2020 from N108.970 billion recorded in the same period in 2019. Seplat reported a loss before tax of N49.838 billion. However, the company received a tax credit of N12.056 billion, thus the loss for the period settled at N37.782 billion.

A review of the company’s statement of profit or loss showed that the components of the H1 2020 revenue was crude oil sales – N61.768 billion and gas sales – N18.338 billion. Seplat did not register any revenue from gas processing in H1 2020 even though it brought in N20.527 billion H1 2019.

Despite the drop Seplat’s revenue, the cost of sales skyrocketed by 47.88% to N67.189 billion (83.88% of the H1 2020 revenue) from N45.436 billion (41.70% of H1 2019 revenue) mainly due to increases in “Depletion, depreciation and amortization” to N23.555 billion from N14.381 billion, “Operational & maintenance expenses” rose to N11.804 billion from N6.723 billion, and royalties rose to N17.519 billion from N15.277 billion etc.

As a result of the increased cost of sales, the gross profit was N12.917 billion in H1 2020, with a gross profit margin of 16.12%. The gross profit was not enough to carter for the company’s “general and administrative expenses” which amounted to N16.336 billion during the period in review.

Read also; Mutual Benefits Assurance Plc intrigues investors with over N1.5bn profit in H1 2020

Seplat registered  “other income” of  N17.622 billion made up of N16.929 billion form “underlift”, N672 million from “gains on foreign exchange” and N21 million from “others”.

Other categories of expenses include “Impairment loss on non-financial assets” which amounted to N50.086 billion, finance cost of N12.536 billion, “Impairment loss on financial assets” of N5.101 billion etc.

Seplat total assets increased to N1.098 trillion year to date from N1.004 trillion as at 31 December 2019. Similarly, the total liability rose to N495.760 billion as at 30 June 2020 from N450.425 billion reported as at 31 December 2019.

It is important to note that the company’s “Trade and other receivables” reduced to N117.863 billion in H1 2020 from N149.436 billion as at 31 December 2019 which is a welcome development. The cash flow remained robust  with N119.071 billion cash and cash equivalents at end of the period.

According to the report “Seplat’s oil operations produced an average 34,117 bopd on a working-interest basis in H1 2020. This 48.5% increase reflects a maiden contribution of 10,861 bopd (31.8% of Group volumes) from the recently acquired OML 40 and Ubima assets, as well as higher production from OML 53 compared to H1 2019.

“The average price realised was US$34.94/bbl (H1 2019: US$65.16/bbl). The Company has hedged 1.5 MMbbl / quarter at US$45 Average realised gas price was 2.88/Mscf, it is up by 4.70%  from $2.75/Mscf in the same period previous year.”

Seplat is into the business of petroleum exploration and production. The share price has not changed on the floor of the exchange on Wednesday at the time of this report. However, at the close of trade on Tuesday, the share price closed at N282.00 per share having lost 9.95% of its value on Tuesday.

Read more; Warren Buffet buys Bank of America stocks worth $1.2 billion in 8 days

YTD the share price is down by 57.13%. The 52 high and low prices are N657.80 and N282.00 per share respectively. In two years and five years the price if down by 59.94% and 6.00% respectively.

Austin Avuru, Chief Executive Officer, said: “Seplat has delivered a robust performance despite the unprecedented crises we have experienced since March. Our continued resilience is possible as a result of our financial strength, our careful management of risk and our prudent approach to capital allocation.

“Unlike many in our industry, we were able to protect our 2019 dividend and increase our capital investment to ensure continued growth. Our oil hedging strategy and gas revenues continue to protect the business from price volatility, we are achieving substantial cost reductions from our suppliers and are managing our own costs even more carefully in this challenging period.

“Thanks to the excellent relationships we have with our Government partners and supply chain, our NPDC receivables have fallen and we are managing our payments equitably. The cash position is also robust because our careful management of debt has ensured that the majority of obligations mature in 2022 and 2023. We are operating within our covenants on all our lines of debt.”

Related Posts:

  • Seplat petroleum
    FY 2020: Seplat reports over N30 billion loss as…
  • Gtbank
    Guaranty, Zenith, UBA drag equity market to gain…
  • Ikeja Hotel Plc,,
    FY 2020: Ikeja Hotel Plc reports over N6 bn loss,…
  • Unilever-Nigeria-e1517234202859
    Unilever Nigeria Plc endures N519.11 million loss in…
Previous Post

Warren Buffet buys Bank of America stocks worth $1.2 billion in 8 days

Next Post

Zimbabwe to compensate White Farmers with $3.5 billion in a new deal

Next Post
Zimbabwe to compensate White Farmers with $3.5 billion in a new deal

Zimbabwe to compensate White Farmers with $3.5 billion in a new deal

Please login to join discussion
  • Trending
  • Comments
  • Latest
MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2025, qualification and payment dates

Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

UBA Board of Directors approves Interim Dividend for H1 2025

AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

GTCO Board approves interim dividend for H1 2025

SEC warns against investing with GVEST Global’s illegal schemes

SEC warns against investing with GVEST Global’s illegal schemes

Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

UPDC REIT declare N0.16 dividend for 2022 Financial Year

UPDC REIT announces ₦0.22 interim dividend for H1 2025

Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

Quick Links

News
Economy
Markets
Business
Opinion & Analysis

Newsletter Signup

Contact Investogist

info@investogist.com

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us

Copyright © 2025 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Business
    • Companies
    • Industry
    • Technology
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies

Copyright © 2025 investogist.com, All Rights Reserved