Seplat’s profit hits 128.9 per cent, to de-risk market routes, lower losses | The Guardian Nigeria News - Nigeria and World News

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Notwithstanding a gross profit of N114.2 billion in its 2021 full year operations against N44.83 billion achieved in the corresponding period in 2020, Seplat Energy Plc has unveiled plans to diversify...

Notwithstanding a gross profit of N114.2 billion in its 2021 full year operations against N44.83 billion achieved in the corresponding period in 2020, Seplat Energy Plc has unveiled plans to diversify and de-risk routes to market, assuring higher revenues from significantly better uptime and lower reconciliation losses.

Its revenue also increased by 38.2 per cent to N293.6 billion, higher than N190.92 billion posted in 2020 while Profit Before Tax also increased by 321.1 per cent to N71 billion. “The addition of Mobil Producing Nigeria Unlimited nearly trebles our production and doubles our reserves on a pro forma 2020 basis, reinforcing our leadership of Nigeria’s indigenous energy sector and enabling us to generate strong future cash flows that will underpin our investment in Nigeria’s energy transition and improve our overall stakeholder returns.”

 

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