Oil woes hit Seplat, while gas holds up
Lower oil prices cut into Seplat Petroleum’s revenues for the first nine months of the year, to $388 million down from $494.9mn for the same period of 2019.
It reported a loss before tax of $130.1mn, down from a profit of $184.8mn. Despite this, Seplat is sticking to its dividend plans.
“Seplat’s third-quarter performance has again demonstrated the resilience of our business in challenging times,” the company’s CEO Roger Brown said. The company has voluntarily cut leverage by US$100 million, he said. “The business continues to operate effectively despite the restraints of the COVID-19 pandemic and the recent unrest in Nigeria.”
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