Seplat Energy Plc said it has recorded N100 billion revenue in the first three months of this year, which is 72.7 per cent higher than the N57.9bn recorded in the similar period of 2021, according to its unaudited results for the period ended 31 March 2022.
In a statement yesterday, the firm said its profit before tax (PBT) rose by 227.35% to N34.7bn from N10.6bn while it generated cash of N74.4bn from its operations from N1.7bn year-on-year.
Its gross profit also soared to N48.8bn from N20.1bn year-on-year, rising by 142.8% as its safety record extended to 26.1 million hours without Lost Time Incident (LTI) as it recorded 2m hours in Q1 2022.
On its acquisition deal, Seplat said it signed a Sales & Purchase Agreement on 25 February to acquire Exxon’s shallow water operations in Nigeria, Mobil Producing Unlimited, Nigeria (MPNU), with approvals to be completed in the second half of this year.
Commenting on the results, Chief Executive Officer of Seplat Energy, Mr Roger Brown, said: “We have proven we have the financial strength and credibility to attract international finance into Nigeria’s energy sector.:
