Seplat Petroleum Development Company Plc grew revenue by 28% to N40bn in its half year 2017 financials. Higher cost of sales resulted in an 11% rise in gross profit to N16bn. Higher finance cost and losses from other income led to a pre-tax loss of N8bn while after-tax loss stood at N8.4bn.
Balance sheet numbers revealed a 2% growth in total assets to N677bn. Financial liabilities dropped by 6% to N191bn while total liabilities grew by 7% to N307bn. Net assets slipped by 2% while working capital improved by 5%. See details below.
| Income Statement | H1 2017 | H1 2016 | % Change |
| Revenue (mn) | 40,317 | 31,576 | 28% |
| Cost of Sales (mn) | 23,914 | 16,854 | 42% |
| Gross Profit (mn) | 16,403 | 14,722 | 11% |
| Operating expense (mn) | 11,108 | 10,333 | 8% |
| Losses from other operations(mn) | 3,081 | 13,955 | -78% |
| Operating Profit/Loss (mn) | 2,214 | (9,566) | -123% |
| Finance Cost (mn) | 10,574 | 8,321 | 27% |
| LBT (mn) | (8,090) | (12,193) | -34% |
| Income Tax/Credit (mn) | 342 | 615 | -44% |
| LAT (mn) | (8,432) | (12,808) | -34% |
| Balance Sheet | H1 2017 | FY 2016 | % Change |
| Fixed Assets (mn) | 370,855 | 375,872 | -1.33% |
| Total Assets (mn) | 676,930 | 664,676 | 2% |
| Financial Liabilities (mn) | 191,030 | 202,549 | -6% |
| Cash & Bank Balances | 61,631 | 48,684 | 27% |
| Total Liabilities (mn) | 307,122 | 288,303 | 7% |
| Net Assets (mn) | 369,808 | 376,373 | -2% |
| Working Capital (mn) | 58,486 | 55,444 | 5% |
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