Seplat Energy, Nigeria’s biggest oil and gas company by market value, reported a 39 per cent improvement in after-tax in naira terms for the first nine months of the year, its unaudited results issued on Monday showed.
The oil driller, which is listed in Lagos and London, however, posted lower earnings in dollars and would have suffered the same in local currency but averted the setback, thanks principally to a 63.5 per cent drop in income tax expense.
Revenue was up by 84.8 per cent at N478.1 billion, supported by average production levels during the period, which advanced 11 per cent. Activities at the company benefitted largely from better uptime at Forcados Oil Terminal and the availability of the Amukpe-Escravos pipeline, according to the earnings report.
